Summit Global Investments Takes $738,000 Position in ScanSource, Inc. $SCSC

Summit Global Investments acquired a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,177 shares of the industrial products company’s stock, valued at approximately $738,000.

Other institutional investors have also bought and sold shares of the company. Wedge Capital Management L L P NC grew its position in ScanSource by 2.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock valued at $3,812,000 after buying an additional 1,963 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in shares of ScanSource during the 2nd quarter worth about $350,000. Pacer Advisors Inc. raised its position in shares of ScanSource by 69.7% during the 1st quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock worth $4,748,000 after buying an additional 53,702 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of ScanSource by 25.5% in the 1st quarter. California State Teachers Retirement System now owns 26,381 shares of the industrial products company’s stock worth $958,000 after acquiring an additional 5,363 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of ScanSource by 10.1% in the 1st quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company’s stock worth $4,664,000 after acquiring an additional 11,767 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Trading Up 1.6%

Shares of SCSC stock opened at $53.19 on Friday. The stock has a 50-day simple moving average of $52.72 and a 200 day simple moving average of $44.16. The stock has a market capitalization of $1.08 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.81 and a beta of 1.28. ScanSource, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $59.60. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11.

Analysts Set New Price Targets

Several research firms have recently issued reports on SCSC. Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $43.00.

ScanSource Company Profile

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.