The Manufacturers Life Insurance Company Buys 308 Shares of ScanSource, Inc. (NASDAQ:SCSC)

The Manufacturers Life Insurance Company raised its position in shares of ScanSource, Inc. (NASDAQ:SCSC) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,440 shares of the industrial products company’s stock after buying an additional 308 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ScanSource were worth $418,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of ScanSource by 2,640.7% in the 2nd quarter. Millennium Management LLC now owns 136,266 shares of the industrial products company’s stock worth $6,038,000 after purchasing an additional 131,294 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of ScanSource by 93.2% in the 2nd quarter. Squarepoint Ops LLC now owns 30,862 shares of the industrial products company’s stock worth $1,367,000 after purchasing an additional 14,892 shares during the last quarter. Magnetar Financial LLC bought a new stake in ScanSource in the 2nd quarter worth about $292,000. Public Sector Pension Investment Board increased its holdings in ScanSource by 4.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 54,326 shares of the industrial products company’s stock worth $2,407,000 after buying an additional 2,513 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in ScanSource by 54.2% in the 2nd quarter. Pacer Advisors Inc. now owns 2,319,469 shares of the industrial products company’s stock worth $102,776,000 after buying an additional 815,240 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

ScanSource Trading Up 1.5 %

Shares of NASDAQ:SCSC opened at $49.25 on Thursday. The stock has a 50 day moving average of $47.95 and a 200 day moving average of $46.21. The company has a market cap of $1.22 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 1.47 and a beta of 1.41. The company has a current ratio of 2.10, a quick ratio of 1.33 and a debt-to-equity ratio of 0.15. ScanSource, Inc. has a 12-month low of $27.86 and a 12-month high of $53.28.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Tuesday, August 27th. The industrial products company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). ScanSource had a return on equity of 8.32% and a net margin of 2.36%. The business had revenue of $746.11 million during the quarter, compared to analysts’ expectations of $838.60 million. During the same period in the prior year, the firm posted $0.76 earnings per share. The firm’s revenue for the quarter was down 21.2% on a year-over-year basis. As a group, equities research analysts expect that ScanSource, Inc. will post 3.24 EPS for the current year.

Analysts Set New Price Targets

Separately, Raymond James downgraded ScanSource from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 15th.

ScanSource Company 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.