Picton Mahoney Asset Management Acquires New Holdings in ScanSource, Inc. $SCSC

Picton Mahoney Asset Management bought a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 21,221 shares of the industrial products company’s stock, valued at approximately $933,000. Picton Mahoney Asset Management owned 0.10% of ScanSource as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new stake in shares of ScanSource in the third quarter worth $611,000. JPMorgan Chase & Co. raised its holdings in ScanSource by 15.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock worth $18,927,000 after acquiring an additional 58,947 shares during the period. LSV Asset Management lifted its position in ScanSource by 11.9% during the 3rd quarter. LSV Asset Management now owns 602,960 shares of the industrial products company’s stock worth $26,524,000 after acquiring an additional 64,300 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in ScanSource by 326.9% during the third quarter. New York State Common Retirement Fund now owns 36,696 shares of the industrial products company’s stock valued at $1,614,000 after acquiring an additional 28,100 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of ScanSource by 90.4% in the second quarter. Envestnet Asset Management Inc. now owns 14,151 shares of the industrial products company’s stock valued at $592,000 after purchasing an additional 6,720 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

SCSC has been the subject of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of ScanSource in a research report on Monday, December 29th. Zacks Research downgraded ScanSource from a “hold” rating to a “strong sell” rating in a research report on Monday, February 9th. Finally, Wall Street Zen lowered ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ScanSource has an average rating of “Hold” and a consensus price target of $42.50.

Insiders Place Their Bets

In related news, Director Charles Alexander Mathis acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were bought at an average cost of $35.20 per share, with a total value of $211,200.00. Following the completion of the acquisition, the director owned 24,793 shares of the company’s stock, valued at $872,713.60. This trade represents a 31.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael L. Baur sold 9,559 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $40.82, for a total value of $390,198.38. Following the completion of the sale, the chief executive officer owned 191,971 shares in the company, valued at approximately $7,836,256.22. This represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 25,020 shares of company stock worth $1,035,669 over the last quarter. Company insiders own 3.18% of the company’s stock.

ScanSource Stock Down 3.9%

SCSC opened at $36.19 on Friday. The company has a market capitalization of $777.36 million, a P/E ratio of 11.10, a P/E/G ratio of 0.64 and a beta of 1.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.96 and a quick ratio of 1.22. The firm’s fifty day moving average price is $39.12 and its two-hundred day moving average price is $41.15. ScanSource, Inc. has a fifty-two week low of $28.75 and a fifty-two week high of $46.25.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, February 5th. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The business had revenue of $766.51 million during the quarter, compared to analyst estimates of $782.46 million. During the same quarter in the prior year, the company posted $0.85 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, analysts anticipate that ScanSource, Inc. will post 3.33 EPS for the current year.

About ScanSource

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.