ScanSource, Inc. (NASDAQ:SCSC) Stake Boosted by Credit Suisse AG
Credit Suisse AG boosted its position in ScanSource, Inc. (NASDAQ:SCSC) by 23.8% during the first quarter, Holdings Channel reports. The firm owned 43,470 shares of the industrial products company’s stock after buying an additional 8,356 shares during the period. Credit Suisse AG’s holdings in ScanSource were worth $1,707,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in SCSC. BlackRock Inc. raised its stake in shares of ScanSource by 42,757.8% in the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock worth $122,529,000 after buying an additional 3,114,479 shares during the period. Norges Bank purchased a new stake in shares of ScanSource during the fourth quarter worth about $13,481,000. Oxford Asset Management purchased a new stake in shares of ScanSource during the first quarter worth about $1,111,000. Nordea Investment Management AB raised its stake in shares of ScanSource by 1.0% in the first quarter. Nordea Investment Management AB now owns 373,252 shares of the industrial products company’s stock worth $14,650,000 after buying an additional 3,641 shares during the period. Finally, Seizert Capital Partners LLC purchased a new stake in shares of ScanSource during the first quarter worth about $1,486,000. 94.39% of the stock is currently owned by institutional investors and hedge funds.
ScanSource, Inc. (SCSC) traded down 0.79% during midday trading on Friday, hitting $37.60. 69,317 shares of the stock traded hands. The company has a market cap of $951.81 million, a price-to-earnings ratio of 15.26 and a beta of 1.16. ScanSource, Inc. has a 52-week low of $29.05 and a 52-week high of $44.95. The firm’s 50-day moving average is $39.72 and its 200-day moving average is $39.71.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by $0.01. ScanSource had a return on equity of 8.41% and a net margin of 1.79%. The business had revenue of $813.50 million during the quarter, compared to analysts’ expectations of $833.10 million. During the same period last year, the company earned $0.64 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. Analysts predict that ScanSource, Inc. will post $2.76 EPS for the current year.
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SCSC has been the subject of several research analyst reports. Zacks Investment Research cut shares of ScanSource from a “buy” rating to a “sell” rating in a research report on Saturday, May 13th. BidaskClub cut shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. ScanSource has an average rating of “Hold” and an average target price of $45.17.
In related news, CEO Michael L. Baur sold 67,000 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $39.07, for a total value of $2,617,690.00. Following the completion of the sale, the chief executive officer now directly owns 47,890 shares of the company’s stock, valued at $1,871,062.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven R. Fischer sold 5,000 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $40.19, for a total transaction of $200,950.00. Following the completion of the sale, the director now directly owns 20,867 shares of the company’s stock, valued at $838,644.73. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,000 shares of company stock valued at $3,019,290. 3.03% of the stock is owned by insiders.
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.
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