PineBridge Investments L.P. raised its position in ScanSource Inc. (NASDAQ:SCSC) by 3.5% during the second quarter, Holdings Channel reports. The fund owned 3,255 shares of the company’s stock after buying an additional 109 shares during the period. PineBridge Investments L.P.’s holdings in ScanSource were worth $121,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. UBS Group AG increased its position in ScanSource by 51.7% in the first quarter. UBS Group AG now owns 21,269 shares of the company’s stock valued at $858,000 after buying an additional 7,245 shares during the period. Huntington Asset Advisors Inc. purchased a new position in ScanSource during the first quarter valued at $525,000. JPMorgan Chase & Co. increased its position in ScanSource by 32.3% in the first quarter. JPMorgan Chase & Co. now owns 68,331 shares of the company’s stock valued at $2,759,000 after buying an additional 16,698 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in ScanSource by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 704,109 shares of the company’s stock valued at $28,432,000 after buying an additional 2,039 shares during the period. Finally, BlackRock Group LTD increased its position in ScanSource by 12.1% in the first quarter. BlackRock Group LTD now owns 47,542 shares of the company’s stock valued at $1,920,000 after buying an additional 5,124 shares during the period. Institutional investors and hedge funds own 96.91% of the company’s stock.
ScanSource Inc. (NASDAQ:SCSC) opened at 36.96 on Wednesday. ScanSource Inc. has a 12 month low of $27.46 and a 12 month high of $43.49. The company’s 50-day moving average is $37.60 and its 200-day moving average is $39.12. The stock has a market capitalization of $947.10 million, a P/E ratio of 15.53 and a beta of 1.24.
ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Monday, August 29th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by $0.20. ScanSource had a return on equity of 9.47% and a net margin of 1.80%. The company had revenue of $887.50 million for the quarter. During the same quarter in the prior year, the company posted $0.66 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. Equities analysts anticipate that ScanSource Inc. will post $2.89 earnings per share for the current year.
SCSC has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th. Raymond James Financial Inc. lowered their price objective on shares of ScanSource from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 30th.
ScanSource, Inc is a wholesale distributor of specialty technology products. The Company and its subsidiaries provide distribution services for technology manufacturers and sells to resellers in the specialty technology markets, such as point-of-sale (POS) and barcode, physical security and three dimensional (3D) printing and communications.
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