ScanSource (NASDAQ:SCSC) Stock Rating Upgraded by Zacks Research

ScanSource (NASDAQ:SCSC) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

SCSC has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of ScanSource in a report on Monday, December 29th. Wall Street Zen cut shares of ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.50.

ScanSource Stock Up 2.4%

Shares of SCSC stock traded up $0.90 on Tuesday, hitting $38.07. 9,265 shares of the stock were exchanged, compared to its average volume of 220,571. The company has a current ratio of 1.96, a quick ratio of 1.22 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $817.64 million, a P/E ratio of 11.76, a price-to-earnings-growth ratio of 0.62 and a beta of 1.25. The business has a 50-day moving average of $37.12 and a 200 day moving average of $39.88. ScanSource has a fifty-two week low of $28.82 and a fifty-two week high of $46.25.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, February 5th. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). The firm had revenue of $766.51 million during the quarter, compared to analyst estimates of $782.46 million. ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.85 EPS. Equities analysts anticipate that ScanSource will post 3.33 EPS for the current year.

Insider Transactions at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 3,827 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $35.89, for a total transaction of $137,351.03. Following the transaction, the chief executive officer owned 157,512 shares of the company’s stock, valued at $5,653,105.68. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Alexander Mathis acquired 6,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was acquired at an average price of $35.20 per share, for a total transaction of $211,200.00. Following the purchase, the director directly owned 24,793 shares of the company’s stock, valued at approximately $872,713.60. This trade represents a 31.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new stake in ScanSource during the 2nd quarter valued at $25,000. CWM LLC raised its position in shares of ScanSource by 159.6% in the third quarter. CWM LLC now owns 1,874 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 1,152 shares during the period. Royal Bank of Canada raised its position in shares of ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 1,168 shares during the period. Osaic Holdings Inc. lifted its stake in shares of ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after buying an additional 1,670 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after buying an additional 4,032 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.