Acadian Asset Management LLC has increased its stake in ScanSource, Inc. (NASDAQ:SCSC) by a significant 25.3% during the first quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). Following this acquisition, Acadian now holds 137,359 shares of the industrial products company, valued at approximately $4.67 million. This move underscores the growing interest from institutional investors in ScanSource.
Several other institutions have also adjusted their holdings in ScanSource. Versant Capital Management Inc. boosted its stake by an impressive 88.4%, bringing its total to 863 shares worth around $29,000. Meanwhile, GAMMA Investing LLC increased its position by 25.5%, now owning 1,944 shares valued at about $66,000. Additionally, Point72 Asset Management L.P. established a new position in the fourth quarter valued at approximately $81,000, while Quarry LP expanded its holdings by an extraordinary 344.3%, now owning 3,541 shares valued at $120,000.
Institutional investors and hedge funds collectively own 97.91% of ScanSource’s stock, reflecting a strong institutional interest in the company.
Insider Transactions and Analyst Ratings
In related news, Rachel Hayden, Executive Vice President, sold 752 shares of ScanSource on September 3, 2023, at an average price of $43.57, amounting to a total transaction value of approximately $32,765. Following the sale, Hayden retained 14,918 shares of the company, valued at $649,977, which represents a 4.80% reduction in her ownership. Over the last three months, insiders have sold a total of 10,415 shares valued at $439,848, while insiders currently hold 4.20% of the company’s stock.
Several analysts have recently upgraded their ratings for ScanSource. Wall Street Zen upgraded the stock from a “hold” to a “buy” rating on July 12, 2023. Similarly, Zacks Research raised its rating from “hold” to “strong-buy” on August 25, 2023. Currently, one analyst rates the stock as a Strong Buy, while another assigns it a Buy rating, resulting in a consensus rating of “Strong Buy” with an average target price of $42.00, according to data from MarketBeat.com.
ScanSource’s Recent Performance
As of last Friday, ScanSource stock opened at $44.50. The company boasts a market capitalization of $974.11 million, a price-to-earnings (P/E) ratio of 14.78, and a price-to-earnings-growth (PEG) ratio of 0.76 with a beta of 1.43. The stock has a 50-day simple moving average of $42.17 and a 200-day simple moving average of $38.86. Over the past year, ScanSource’s stock has experienced a low of $28.75 and a high of $53.90. The company maintains a current ratio of 2.01, a quick ratio of 1.30, and a debt-to-equity ratio of 0.14.
ScanSource last released its quarterly earnings on August 21, 2023, reporting earnings per share (EPS) of $1.02, exceeding the consensus estimate of $0.91 by $0.11. The company generated revenue of $812.89 million during the quarter, surpassing analysts’ expectations of $776.21 million. Year-over-year, this revenue reflects an increase of 8.9%, compared to $0.80 EPS in the same period last year. Looking ahead, ScanSource has set its fiscal year 2026 guidance at EPS of $3.33, indicating a positive outlook for the company.
ScanSource, Inc. operates primarily in the distribution of technology products and solutions across the United States, Canada, and Brazil. The company functions through two segments: Specialty Technology Solutions and Modern Communications & Cloud, offering a diverse range of solutions from enterprise mobile computing to cybersecurity.
For more information on ScanSource’s stock performance and institutional holdings, investors can visit HoldingsChannel.com for the latest updates on 13F filings and insider trades.
