Oregon Public Employees Retirement Fund Decreases Stake in ScanSource, Inc. (NASDAQ:SCSC)

Posted by Defense World Staff on Oct 24th, 2023

Oregon Public Employees Retirement Fund lessened its stake in ScanSource, Inc. (NASDAQ:SCSC – Free Report) by 7.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,786 shares of the industrial products company’s stock after selling 589 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in ScanSource were worth $230,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its holdings in ScanSource by 114.2% in the second quarter. Assenagon Asset Management S.A. now owns 127,124 shares of the industrial products company’s stock valued at $3,758,000 after buying an additional 67,785 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in ScanSource by 11.0% during the second quarter. Louisiana State Employees Retirement System now owns 13,100 shares of the industrial products company’s stock worth $387,000 after purchasing an additional 1,300 shares during the last quarter. Profit Investment Management LLC boosted its position in ScanSource by 76.4% during the second quarter. Profit Investment Management LLC now owns 109,280 shares of the industrial products company’s stock worth $3,230,000 after purchasing an additional 47,316 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in ScanSource by 3.3% in the first quarter. Ameriprise Financial Inc. now owns 172,995 shares of the industrial products company’s stock valued at $5,266,000 after purchasing an additional 5,591 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ScanSource by 1.0% in the first quarter. JPMorgan Chase & Co. now owns 594,506 shares of the industrial products company’s stock valued at $18,096,000 after buying an additional 5,992 shares in the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

Insiders Place Their Bets

In other ScanSource news, insider John Charles Eldh sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $30.46, for a total value of $76,150.00. Following the completion of the transaction, the insider now directly owns 113,533 shares in the company, valued at approximately $3,458,215.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.63% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SCSC. StockNews.com initiated coverage on shares of ScanSource in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Northcoast Research upgraded shares of ScanSource from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 23rd.

Check Out Our Latest Stock Report on SCSC

ScanSource Stock Performance

NASDAQ SCSC opened at $30.75 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 2.11 and a debt-to-equity ratio of 0.36. ScanSource, Inc. has a fifty-two week low of $26.14 and a fifty-two week high of $35.50. The business has a fifty day moving average of $30.90 and a 200-day moving average of $29.74. The stock has a market cap of $763.83 million, a price-to-earnings ratio of 8.71, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42.

ScanSource (NASDAQ:SCSC – Get Free Report) last released its quarterly earnings results on Tuesday, August 22nd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.01. The company had revenue of $947.10 million for the quarter, compared to analysts’ expectations of $875.20 million. ScanSource had a net margin of 2.37% and a return on equity of 11.25%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 EPS. As a group, analysts predict that ScanSource, Inc. will post 4.16 earnings per share for the current fiscal year.

About ScanSource

(Free Report)

ScanSource, Inc distributes technology products and solutions in the United States, Canada, and internationally. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.