Convergence Investment Partners LLC purchased a new stake in ScanSource, Inc. (NASDAQ:SCSC) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 40,300 shares of the industrial products company’s stock, valued at approximately $1,759,000. Convergence Investment Partners LLC owned about 0.16% of ScanSource as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. OxFORD Asset Management LLP lifted its holdings in shares of ScanSource by 23.4% during the 3rd quarter. OxFORD Asset Management LLP now owns 29,473 shares of the industrial products company’s stock valued at $1,303,000 after acquiring an additional 5,593 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of ScanSource by 5.3% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 285,462 shares of the industrial products company’s stock valued at $12,461,000 after acquiring an additional 14,381 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ScanSource by 32.5% during the 3rd quarter. Wells Fargo & Company MN now owns 39,688 shares of the industrial products company’s stock valued at $1,733,000 after acquiring an additional 9,726 shares in the last quarter. Citadel Advisors LLC lifted its holdings in shares of ScanSource by 51.4% during the 3rd quarter. Citadel Advisors LLC now owns 55,659 shares of the industrial products company’s stock valued at $2,430,000 after acquiring an additional 18,890 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of ScanSource by 26.5% during the 3rd quarter. SG Americas Securities LLC now owns 6,030 shares of the industrial products company’s stock valued at $263,000 after acquiring an additional 1,262 shares in the last quarter. Institutional investors own 94.42% of the company’s stock.

In related news, CEO Michael L. Baur sold 44,565 shares of ScanSource stock in a transaction on Friday, October 6th. The shares were sold at an average price of $44.16, for a total transaction of $1,967,990.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Patrick Reilly sold 5,000 shares of ScanSource stock in a transaction on Monday, September 18th. The stock was sold at an average price of $40.70, for a total transaction of $203,500.00. Following the sale, the director now directly owns 16,900 shares in the company, valued at approximately $687,830. The disclosure for this sale can be found here. Insiders have sold a total of 90,397 shares of company stock worth $3,959,574 in the last ninety days. 2.35% of the stock is currently owned by insiders.

Several research firms recently weighed in on SCSC. Zacks Investment Research lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. Northcoast Research lowered shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, October 2nd. BidaskClub lowered shares of ScanSource from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. TheStreet lowered shares of ScanSource from a “b” rating to a “c+” rating in a report on Wednesday, November 8th. Finally, ValuEngine lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. ScanSource has a consensus rating of “Hold” and a consensus price target of $45.75.

ScanSource, Inc. (NASDAQ:SCSC) opened at $35.15 on Wednesday. ScanSource, Inc. has a 1-year low of $34.45 and a 1-year high of $45.35. The firm has a market cap of $911.30, a price-to-earnings ratio of 12.59, a P/E/G ratio of 4.00 and a beta of 1.03. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.33.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.02). ScanSource had a return on equity of 8.78% and a net margin of 1.65%. The firm had revenue of $924.56 million for the quarter, compared to analysts’ expectations of $966.20 million. During the same period last year, the firm earned $0.68 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. research analysts forecast that ScanSource, Inc. will post 2.98 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “Convergence Investment Partners LLC Purchases Shares of 40,300 ScanSource, Inc. (SCSC)” was first posted by Watch List News and is the property of of Watch List News. If you are viewing this story on another site, it was illegally stolen and reposted in violation of international copyright and trademark legislation. The original version of this story can be viewed at https://www.watchlistnews.com/convergence-investment-partners-llc-purchases-shares-of-40300-scansource-inc-scsc/1747171.html.

About ScanSource

ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.

Institutional Ownership by Quarter for ScanSource (NASDAQ:SCSC)

Receive News & Ratings for ScanSource Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ScanSource Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.