ScanSource, Inc. $SCSC Stock Position Lessened by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its position in ScanSource, Inc. (NASDAQ:SCSC) by 15.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 941,150 shares of the industrial products company’s stock after selling 168,593 shares during the quarter. Pzena Investment Management LLC’s holdings in ScanSource were worth $55,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Freestone Grove Partners LP bought a new position in ScanSource during the second quarter valued at approximately $119,000. Signaturefd LLC raised its stake in shares of ScanSource by 128.1% during the third quarter. Signaturefd LLC now owns 2,108 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 1,184 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of ScanSource during the second quarter worth approximately $134,000. RHS Financial LLC bought a new stake in shares of ScanSource in the 3rd quarter worth approximately $210,000. Finally, HighTower Advisors LLC bought a new stake in shares of ScanSource in the 2nd quarter worth approximately $246,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

SCSC has been the subject of a number of research reports. Zacks Research cut shares of ScanSource from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 20th. Weiss Ratings upgraded shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Barclays boosted their price target on shares of ScanSource from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Finally, Wall Street Zen upgraded shares of ScanSource from a “buy” rating to a “strong-buy” rating in a research report on Sunday, October 25th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.00.

ScanSource Stock Up 0.4%

Shares of NASDAQ SCSC opened at $56.98 on Thursday. The firm’s fifty day moving average is $58.73 and its 200 day moving average is $48.07. ScanSource, Inc. has a 52 week low of $33.76 and a 52 week high of $66.78. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 0.77 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.32. The business had revenue of $953.11 million for 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 quarter last year, the firm earned $1.02 EPS. On average, equities research analysts expect that ScanSource, Inc. will post 4.90 earnings per share for the current year.

Insider Activity

In related news, Director Charles Mathis sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $58.00, for a total value of $174,000.00. Following the sale, the director directly owned 25,027 shares of the company’s stock, valued at $1,451,566. This trade represents a 10.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brandy Ford sold 5,293 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $57.43, for a total value of $303,976.99. Following the transaction, the chief accounting officer owned 9,907 shares in the company, valued at approximately $568,959.01. This represents a 34.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 95,632 shares of company stock valued at $5,484,582. 3.18% of the stock is currently owned by insiders.

ScanSource Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource’s offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.