Meeder Asset Management Inc. Makes New Investment in ScanSource, Inc. $SCSC

Meeder Asset Management Inc. purchased a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 50,898 shares of the industrial products company’s stock, valued at approximately $1,848,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of ScanSource by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after purchasing an additional 78,993 shares during the period. Wasatch Advisors LP grew its position in ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after buying an additional 294,624 shares during the period. Pzena Investment Management LLC grew its position in ScanSource by 0.6% during the first quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock valued at $33,151,000 after buying an additional 5,783 shares during the period. LSV Asset Management increased its holdings in ScanSource by 40.6% during the fourth quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock valued at $33,118,000 after buying an additional 244,903 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in ScanSource by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company’s stock valued at $21,960,000 after buying an additional 13,318 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

ScanSource Trading Down 1.0%

ScanSource stock opened at $54.24 on Tuesday. The firm has a 50 day moving average of $48.67 and a 200 day moving average of $42.19. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 0.85 and a beta of 1.28. ScanSource, Inc. has a 12-month low of $33.76 and a 12-month high of $55.15. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The company had revenue of $758.59 million for the quarter, compared to analysts’ expectations of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. As a group, research analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen lowered ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research raised ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $43.00.

ScanSource Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.