Millennium Management LLC Increases Stake in ScanSource, Inc. (NASDAQ:SCSC)

Millennium Management LLC lifted its stake in ScanSource, Inc. (NASDAQ:SCSC) by 2,640.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 136,266 shares of the industrial products company’s stock after buying an additional 131,294 shares during the quarter. Millennium Management LLC owned about 0.55% of ScanSource worth $6,038,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SCSC. Squarepoint Ops LLC grew its stake in ScanSource by 93.2% during the second quarter. Squarepoint Ops LLC now owns 30,862 shares of the industrial products company’s stock valued at $1,367,000 after acquiring an additional 14,892 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of ScanSource in the second quarter worth about $292,000. Public Sector Pension Investment Board lifted its position in shares of ScanSource by 4.9% in the second 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. Pacer Advisors Inc. increased its stake 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 acquiring an additional 815,240 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in ScanSource by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,983,625 shares of the industrial products company’s stock worth $87,894,000 after acquiring an additional 39,533 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Price Performance

SCSC stock opened at $47.69 on Friday. ScanSource, Inc. has a 12 month low of $27.86 and a 12 month high of $53.28. The stock has a market cap of $1.15 billion, a PE ratio of 15.14, a P/E/G ratio of 1.47 and a beta of 1.41. The company has a 50-day moving average price of $47.78 and a 200 day moving average price of $46.05. 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 (NASDAQ:SCSC) last announced its quarterly earnings data on Tuesday, August 27th. The industrial products company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.13). ScanSource had a net margin of 2.36% and a return on equity of 8.32%. The company had revenue of $746.11 million for the quarter, compared to the consensus estimate of $838.60 million. During the same quarter in the previous year, the business earned $0.76 EPS. The company’s quarterly revenue was down 21.2% compared to the same quarter last year. Equities research analysts anticipate that ScanSource, Inc. will post 3.24 earnings per share for the current year.

Analyst Ratings Changes

Separately, Raymond James cut shares of ScanSource from an “outperform” rating to a “market perform” rating in a research report 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.