Point72 DIFC Ltd Buys Shares of 724 ScanSource, Inc. (NASDAQ:SCSC)

Point72 DIFC Ltd purchased a new position in ScanSource, Inc. (NASDAQ:SCSC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 724 shares of the industrial products company’s stock, valued at approximately $35,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in ScanSource by 5.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,572 shares of the industrial products company’s stock valued at $686,000 after buying an additional 813 shares during the period. CWM LLC lifted its stake in shares of ScanSource by 164.1% in the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 402 shares during the period. SG Americas Securities LLC boosted its position in shares of ScanSource by 115.8% during the 2nd quarter. SG Americas Securities LLC now owns 6,249 shares of the industrial products company’s stock valued at $277,000 after purchasing an additional 3,353 shares in the last quarter. Raymond James & Associates grew its stake in ScanSource by 2.4% during the second quarter. Raymond James & Associates now owns 95,086 shares of the industrial products company’s stock worth $4,213,000 after purchasing an additional 2,202 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in ScanSource by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 208,727 shares of the industrial products company’s stock worth $9,249,000 after purchasing an additional 3,167 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James downgraded shares of ScanSource from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 15th.

Insider Buying and Selling at ScanSource

In related news, CEO Michael L. Baur sold 15,081 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $49.57, for a total value of $747,565.17. Following the transaction, the chief executive officer now owns 177,760 shares of the company’s stock, valued at approximately $8,811,563.20. This trade represents a 7.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 53,010 shares of company stock worth $2,611,843. 4.20% of the stock is owned by corporate insiders.

ScanSource Stock Performance

Shares of SCSC opened at $51.93 on Tuesday. ScanSource, Inc. has a one year low of $31.01 and a one year high of $53.76. The company has a market cap of $1.24 billion, a PE ratio of 16.64, a P/E/G ratio of 1.49 and a beta of 1.44. The stock has a 50-day moving average of $48.63 and a 200-day moving average of $47.54. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.03 and a quick ratio of 1.27.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. The firm had revenue of $775.58 million during the quarter, compared to analysts’ expectations of $774.90 million. During the same quarter last year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities research analysts predict that ScanSource, Inc. will post 3.51 EPS for the current fiscal year.

ScanSource Profile

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.