Legal & General Group Plc Makes New $2.32 Million Investment in ScanSource, Inc. $SCSC

Legal & General Group Plc bought a new position in ScanSource, Inc. (NASDAQ:SCSC) during the 2nd quarter, HoldingsChannel reports. The fund bought 44,524 shares of the industrial products company’s stock, valued at approximately $2,319,000.

A number of other institutional investors have also recently made changes to their positions in SCSC. BlackRock Inc. bought a new stake in shares of ScanSource during the second quarter valued at approximately $200,140,000. Pzena Investment Management LLC bought a new position in ScanSource in the 2nd quarter valued at approximately $57,807,000. Wasatch Advisors LP boosted its stake in ScanSource by 34.9% during the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after purchasing an additional 294,624 shares during the last quarter. LSV Asset Management increased its holdings in shares of ScanSource by 40.6% in the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock worth $33,118,000 after purchasing an additional 244,903 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of ScanSource by 74.4% in the 1st quarter. SG Americas Securities LLC now owns 494,988 shares of the industrial products company’s stock worth $17,968,000 after purchasing an additional 211,232 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

ScanSource Trading Up 1.1%

Shares of ScanSource stock opened at $58.48 on Friday. ScanSource, Inc. has a 1-year low of $33.76 and a 1-year high of $66.78. The company’s fifty day simple moving average is $54.56 and its 200-day simple moving average is $45.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. The stock has a market capitalization of $1.18 billion, a PE ratio of 15.98, a P/E/G ratio of 0.85 and a beta of 1.24.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.32. The business had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, equities analysts anticipate that ScanSource, Inc. will post 4.56 earnings per share for the current year.

Insider Buying and Selling at ScanSource

In other news, CFO Stephen Jones sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total value of $567,600.00. Following the transaction, the chief financial officer directly owned 87,421 shares in the company, valued at $4,962,015.96. The trade was a 10.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Brandy Ford sold 5,293 shares of the company’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $57.43, for a total value of $303,976.99. Following the completion of the transaction, the chief accounting officer directly owned 9,907 shares of the company’s stock, valued at approximately $568,959.01. This trade represents a 34.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SCSC shares. Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of ScanSource in a report on Wednesday, August 26th. Wall Street Zen raised ScanSource from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Finally, Zacks Research upgraded shares of ScanSource from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.00.

About ScanSource

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.