JPMorgan Chase & Co. Purchases 58,947 Shares of ScanSource, Inc. $SCSC

JPMorgan Chase & Co. increased its position in ScanSource, Inc. (NASDAQ:SCSC) by 15.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 430,267 shares of the industrial products company’s stock after purchasing an additional 58,947 shares during the period. JPMorgan Chase & Co.’s holdings in ScanSource were worth $18,927,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Amundi lifted its position in ScanSource by 35.1% during the first quarter. Amundi now owns 26,464 shares of the industrial products company’s stock valued at $836,000 after buying an additional 6,880 shares during the period. AQR Capital Management LLC grew its position in shares of ScanSource by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after buying an additional 4,693 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of ScanSource by 2.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 295 shares in the last quarter. Millennium Management LLC increased its stake in shares of ScanSource by 8.4% in the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after acquiring an additional 20,086 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in ScanSource by 35.3% during the 1st 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 valued at $2,092,000 after acquiring an additional 16,044 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on SCSC. Wall Street Zen lowered shares of ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research downgraded shares of ScanSource from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ScanSource in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ScanSource currently has an average rating of “Hold” and a consensus target price of $42.50.

Insider Transactions at ScanSource

In other news, CEO Michael L. Baur sold 3,827 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $35.89, for a total value of $137,351.03. Following the transaction, the chief executive officer owned 157,512 shares in the company, valued at approximately $5,653,105.68. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles Alexander Mathis purchased 6,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were purchased at an average price of $35.20 per share, for a total transaction of $211,200.00. Following the acquisition, the director owned 24,793 shares of the company’s stock, valued at approximately $872,713.60. The trade was a 31.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.18% of the stock is currently owned by company insiders.

ScanSource Trading Up 0.2%

NASDAQ SCSC opened at $36.76 on Thursday. ScanSource, Inc. has a 12 month low of $28.75 and a 12 month high of $46.25. The company has a current ratio of 1.96, a quick ratio of 1.22 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $38.01 and its 200-day moving average price is $40.41. The stock has a market cap of $789.60 million, a P/E ratio of 11.28, a P/E/G ratio of 0.62 and a beta of 1.29.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, February 5th. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.20). The company had revenue of $766.51 million during the quarter, compared to analysts’ expectations of $782.46 million. ScanSource had a return on equity of 9.35% and a net margin of 2.44%.ScanSource’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 EPS. As a group, equities analysts forecast that ScanSource, Inc. will post 3.33 EPS for the current fiscal year.

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.