Russell Investments Group Ltd. Increases Stake in ScanSource, Inc. (SCSC)
Russell Investments Group Ltd. lifted its holdings in ScanSource, Inc. (NASDAQ:SCSC) by 5.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,652 shares of the industrial products company’s stock after purchasing an additional 2,850 shares during the quarter. Russell Investments Group Ltd.’s holdings in ScanSource were worth $2,286,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in SCSC. SG Americas Securities LLC bought a new stake in ScanSource during the first quarter worth $127,000. KBC Group NV bought a new stake in ScanSource during the first quarter worth $184,000. Summit Trail Advisors LLC raised its position in ScanSource by 2,721.3% during the first quarter. Summit Trail Advisors LLC now owns 199,836 shares of the industrial products company’s stock worth $200,000 after acquiring an additional 192,753 shares in the last quarter. Palouse Capital Management Inc. bought a new stake in ScanSource during the second quarter worth $205,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in ScanSource during the second quarter worth $218,000. 93.95% of the stock is currently owned by institutional investors and hedge funds.
SCSC stock opened at $40.25 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.92 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 12.94 and a beta of 0.87. ScanSource, Inc. has a twelve month low of $31.40 and a twelve month high of $45.35.
A number of research firms have recently commented on SCSC. BidaskClub cut ScanSource from a “buy” rating to a “hold” rating in a research note on Tuesday, August 28th. Zacks Investment Research cut ScanSource from a “buy” rating to a “hold” rating in a research note on Friday, August 31st. Finally, Raymond James lifted their target price on ScanSource from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $46.00.
In other ScanSource news, CFO Gerald Lyons sold 600 shares of ScanSource stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $44.00, for a total transaction of $26,400.00. Following the completion of the transaction, the chief financial officer now owns 12,937 shares of the company’s stock, valued at approximately $569,228. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael L. Baur sold 13,747 shares of ScanSource stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $44.00, for a total value of $604,868.00. Following the transaction, the chief executive officer now directly owns 49,446 shares of the company’s stock, valued at approximately $2,175,624. The disclosure for this sale can be found here. 2.35% of the stock is owned by insiders.
ScanSource Company Profile
ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).
Recommended Story: Google Finance
Want to see what other hedge funds are holding SCSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ScanSource, Inc. (NASDAQ:SCSC).
Receive News & Ratings for ScanSource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ScanSource and related companies with MarketBeat.com's FREE daily email newsletter.