Verition Fund Management LLC Buys Shares of 21,688 ScanSource, Inc. (NASDAQ:SCSC)

Verition Fund Management LLC purchased a new position in shares of ScanSource, Inc. (NASDAQ:SCSC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,688 shares of the industrial products company’s stock, valued at approximately $1,042,000. Verition Fund Management LLC owned approximately 0.09% of ScanSource at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Martingale Asset Management L P raised its holdings in ScanSource by 0.6% during the third quarter. Martingale Asset Management L P now owns 58,169 shares of the industrial products company’s stock worth $2,794,000 after purchasing an additional 340 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of ScanSource by 26.0% in the third quarter. The Manufacturers Life Insurance Company now owns 11,899 shares of the industrial products company’s stock valued at $572,000 after buying an additional 2,459 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of ScanSource by 97.4% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 33,939 shares of the industrial products company’s stock worth $1,630,000 after buying an additional 16,746 shares during the last quarter. Pacer Advisors Inc. grew its stake in ScanSource by 18.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,744,702 shares of the industrial products company’s stock valued at $131,828,000 after acquiring an additional 425,233 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in ScanSource during the 3rd quarter valued at about $337,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In other ScanSource news, CEO Michael L. Baur sold 29,617 shares of ScanSource stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.20, for a total value of $1,457,156.40. Following the completion of the sale, the chief executive officer now owns 177,760 shares in the company, valued at $8,745,792. The trade was a 14.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 53,010 shares of company stock worth $2,611,843. 4.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

ScanSource Stock Up 1.6 %

Shares of NASDAQ:SCSC opened at $52.24 on Monday. The company has a market capitalization of $1.24 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.50 and a beta of 1.44. The stock’s fifty day simple moving average is $48.56 and its 200-day simple moving average is $47.52. ScanSource, Inc. has a 52-week low of $31.01 and a 52-week high of $53.76. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The company had revenue of $775.58 million for the quarter, compared to analyst estimates of $774.90 million. ScanSource had a net margin of 2.49% and a return on equity of 8.53%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. As a group, equities research analysts forecast that ScanSource, Inc. will post 3.51 earnings per share for the current fiscal 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.