Balyasny Asset Management L.P. Makes New Investment in ScanSource, Inc. (NASDAQ:SCSC)

Balyasny Asset Management L.P. purchased a new position in ScanSource, Inc. (NASDAQ:SCSC) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 10,974 shares of the industrial products company’s stock, valued at approximately $521,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SCSC. Raymond James Financial Inc. purchased a new position in ScanSource in the 4th quarter worth approximately $5,687,000. American Century Companies Inc. raised its position in shares of ScanSource by 13.1% in the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company’s stock valued at $36,030,000 after purchasing an additional 87,721 shares in the last quarter. Norges Bank acquired a new position in shares of ScanSource in the 4th quarter valued at approximately $4,137,000. First Trust Advisors LP acquired a new position in shares of ScanSource in the 4th quarter valued at approximately $3,454,000. Finally, Victory Capital Management Inc. raised its position in shares of ScanSource by 142.2% in the 4th quarter. Victory Capital Management Inc. now owns 119,599 shares of the industrial products company’s stock valued at $5,675,000 after purchasing an additional 70,228 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SCSC. Northcoast Research raised ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, May 6th. StockNews.com raised ScanSource from a “hold” rating to a “buy” rating in a research report on Monday.

ScanSource Stock Performance

SCSC stock opened at $40.78 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The firm has a market cap of $956.86 million, a P/E ratio of 16.12, a P/E/G ratio of 1.14 and a beta of 1.30. ScanSource, Inc. has a 12-month low of $28.75 and a 12-month high of $53.90. The stock’s 50 day simple moving average is $34.35 and its 200 day simple moving average is $42.01.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. The business had revenue of $704.23 million for the quarter, compared to analyst estimates of $809.17 million. ScanSource had a return on equity of 8.55% and a net margin of 2.08%. The business’s revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 EPS. As a group, equities research analysts predict that ScanSource, Inc. will post 3.33 EPS for the current year.

Insider Activity at ScanSource

In related news, CFO Stephen Jones sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $36.14, for a total transaction of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares of the company’s stock, valued at approximately $2,523,150.24. This represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.20% of the company’s stock.

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.