Mangrove Partners IM LLC Invests $562,000 in ScanSource, Inc. $SCSC

Mangrove Partners IM LLC purchased a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,383 shares of the industrial products company’s stock, valued at approximately $562,000. Mangrove Partners IM LLC owned approximately 0.07% of ScanSource as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in SCSC. Amundi lifted its position in shares of ScanSource by 35.1% during the first quarter. Amundi now owns 26,464 shares of the industrial products company’s stock worth $836,000 after purchasing an additional 6,880 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of ScanSource by 3.8% during the first quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after purchasing an additional 4,693 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ScanSource by 2.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after purchasing an additional 295 shares in the last quarter. Millennium Management LLC increased its stake in shares of ScanSource by 8.4% during the first 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 during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of ScanSource by 35.3% during the first 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 during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Zacks Research upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, ScanSource presently has an average rating of “Hold” and a consensus target price of $43.00.

ScanSource Stock Performance

Shares of ScanSource stock opened at $49.27 on Wednesday. The firm has a market capitalization of $1.00 billion, a P/E ratio of 14.93, a P/E/G ratio of 0.84 and a beta of 1.30. ScanSource, Inc. has a 52 week low of $33.76 and a 52 week high of $50.63. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. The firm’s 50 day moving average is $43.10 and its two-hundred day moving average is $40.38.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $758.59 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 earnings per share. Research analysts forecast that ScanSource, Inc. will post 3.9 EPS for the current fiscal 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.