Moran Wealth Management LLC Makes New $1.89 Million Investment in ScanSource, Inc. (NASDAQ:SCSC)

Moran Wealth Management LLC acquired a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) during the 1st quarter, Holdings Channel.com reports. The firm acquired 55,559 shares of the industrial products company’s stock, valued at approximately $1,890,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SCSC. Castlekeep Investment Advisors LLC purchased a new position in shares of ScanSource in the 4th quarter valued at $78,694,000. Raymond James Financial Inc. purchased a new position in shares of ScanSource in the 4th quarter valued at $5,687,000. American Century Companies Inc. increased its holdings in shares of ScanSource by 13.1% in the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company’s stock valued at $36,030,000 after acquiring an additional 87,721 shares during the period. Norges Bank purchased a new position in ScanSource during the 4th quarter worth $4,137,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in ScanSource during the 4th quarter worth $3,771,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ScanSource news, EVP Rachel Hayden sold 6,738 shares of ScanSource stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the sale, the executive vice president now owns 13,174 shares of the company’s stock, valued at approximately $543,690.98. The trade was a 33.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.20% of the stock is currently owned by insiders.

ScanSource Stock Up 0.3%

Shares of SCSC stock opened at $41.89 on Friday. ScanSource, Inc. has a 1-year low of $28.75 and a 1-year high of $53.90. The stock’s fifty day moving average price is $38.66 and its 200 day moving average price is $40.21. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.07 and a quick ratio of 1.32. The company has a market cap of $946.71 million, a price-to-earnings ratio of 15.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.38.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The firm had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, research analysts expect that ScanSource, Inc. will post 3.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Northcoast Research upgraded ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Tuesday, May 6th. Wall Street Zen downgraded ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday, June 14th.

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.