Empowered Funds LLC Buys Shares of 105,907 ScanSource, Inc. $SCSC

Empowered Funds LLC purchased a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 105,907 shares of the industrial products company’s stock, valued at approximately $5,517,000.

Several other hedge funds also recently made changes to their positions in the business. Amundi raised its holdings in shares of ScanSource by 35.1% in the first quarter. Amundi now owns 26,464 shares of the industrial products company’s stock valued at $836,000 after purchasing an additional 6,880 shares during the last quarter. AQR Capital Management LLC increased its stake in ScanSource by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock valued at $4,373,000 after buying an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in ScanSource by 2.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock valued at $471,000 after buying an additional 295 shares during the last quarter. Millennium Management LLC lifted its position in ScanSource by 8.4% during the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after buying an additional 20,086 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in ScanSource by 35.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company’s stock worth $2,092,000 after buying an additional 16,044 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SCSC shares. Weiss Ratings restated a “hold (c+)” rating on shares of ScanSource in a report on Wednesday. Zacks Research upgraded ScanSource from a “hold” rating to a “strong-buy” rating in a report on Monday, August 24th. Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Finally, Wall Street Zen raised ScanSource from a “buy” rating to a “strong-buy” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

ScanSource Price Performance

Shares of SCSC opened at $56.55 on Monday. The firm has a market capitalization of $1.14 billion, a PE ratio of 15.45, a PEG ratio of 0.83 and a beta of 1.28. The company’s 50-day moving average is $53.83 and its 200-day moving average is $45.12. ScanSource, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, August 20th. The industrial products company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.14 by $0.32. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The business had revenue of $953.11 million during the quarter, compared to the consensus estimate of $814.35 million. During the same quarter in the previous year, the firm posted $1.02 EPS. ScanSource’s revenue was up 17.3% compared to the same quarter last year. Equities analysts forecast that ScanSource, Inc. will post 4.56 EPS for the current year.

ScanSource Company 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.