Summit Global Investments Invests $738,000 in ScanSource, Inc. $SCSC

Summit Global Investments purchased a new stake in ScanSource, Inc. (NASDAQ:SCSC) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 14,177 shares of the industrial products company’s stock, valued at approximately $738,000. Summit Global Investments owned 0.07% of ScanSource as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in ScanSource in the second quarter worth about $25,000. Royal Bank of Canada grew its holdings in shares of ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after purchasing an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 4,032 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of ScanSource in the 4th quarter worth approximately $223,000. Institutional investors own 97.91% of the company’s stock.

ScanSource Stock Performance

SCSC opened at $53.19 on Friday. The business’s 50 day moving average is $52.72 and its 200-day moving average is $44.16. The stock has a market cap of $1.08 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 0.81 and a beta of 1.28. 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, Inc. has a twelve month low of $33.76 and a twelve month high of $59.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SCSC shares. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.