Verition Fund Management LLC Takes Position in ScanSource, Inc. (NASDAQ:SCSC)

Verition Fund Management LLC bought a new stake in shares of ScanSource, Inc. (NASDAQ:SCSC - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 21,688 shares of the industrial products company's stock, valued at approximately $1,042,000. Verition Fund Management LLC owned about 0.09% of ScanSource at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SCSC. Price T Rowe Associates Inc. MD boosted its position in shares of ScanSource by 5.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,572 shares of the industrial products company's stock valued at $686,000 after buying an additional 813 shares during the last quarter. CWM LLC boosted its holdings in shares of ScanSource by 164.1% during the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 402 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of ScanSource by 115.8% in the second quarter. SG Americas Securities LLC now owns 6,249 shares of the industrial products company's stock worth $277,000 after acquiring an additional 3,353 shares during the period. Raymond James & Associates raised its holdings in shares of ScanSource by 2.4% during the second quarter. Raymond James & Associates now owns 95,086 shares of the industrial products company's stock valued at $4,213,000 after purchasing an additional 2,202 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in ScanSource by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 208,727 shares of the industrial products company's stock valued at $9,249,000 after purchasing an additional 3,167 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Raymond James downgraded shares of ScanSource from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 15th.

Insider Activity

In other ScanSource news, CEO Michael L. Baur sold 8,312 shares of ScanSource stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $48.98, for a total transaction of $407,121.76. Following the transaction, the chief executive officer now owns 177,760 shares of the company's stock, valued at $8,706,684.80. The trade was a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 53,010 shares of company stock valued at $2,611,843 in the last 90 days. Company insiders own 4.20% of the company's stock.

ScanSource Stock Performance

SCSC stock traded down $0.31 during trading on Monday, reaching $51.93. The stock had a trading volume of 130,994 shares, compared to its average volume of 208,547. The stock's 50 day moving average is $48.63 and its two-hundred day moving average is $47.54. The firm has a market cap of $1.24 billion, a PE ratio of 16.64, a PEG ratio of 1.49 and a beta of 1.44. ScanSource, Inc. has a 52 week low of $31.01 and a 52 week high of $53.76. The company has a current ratio of 2.03, a quick ratio of 1.27 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.07. The firm had revenue of $775.58 million for the quarter, compared to analysts' expectations of $774.90 million. ScanSource had a net margin of 2.49% and a return on equity of 8.53%. The business's quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.74 EPS. As a group, equities analysts anticipate that ScanSource, Inc. will post 3.51 earnings per share for the current year.

ScanSource Profile

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. 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.