ScanSource, Inc. (NASDAQ:SCSC) Cut to “Sell” at BidaskClub
BidaskClub cut shares of ScanSource, Inc. (NASDAQ:SCSC) from a hold rating to a sell rating in a research report sent to investors on Friday.
Separately, Zacks Investment Research raised shares of ScanSource from a hold rating to a buy rating and set a $45.00 price objective on the stock in a research note on Saturday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $45.17.
Shares of ScanSource (NASDAQ SCSC) opened at 39.60 on Friday. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 16.07 and a beta of 1.16. ScanSource has a 12 month low of $29.05 and a 12 month high of $44.95. The company’s 50-day moving average is $39.70 and its 200 day moving average is $39.80.
ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Tuesday, May 9th. The industrial products company reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by $0.01. The business had revenue of $813.50 million during the quarter, compared to analyst estimates of $833.10 million. ScanSource had a return on equity of 8.41% and a net margin of 1.79%. ScanSource’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 EPS. On average, equities research analysts anticipate that ScanSource will post $2.76 earnings per share for the current year.
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In related news, Director Steven R. Fischer sold 5,000 shares of ScanSource stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $40.13, for a total value of $200,650.00. Following the sale, the director now owns 25,867 shares of the company’s stock, valued at approximately $1,038,042.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael L. Baur sold 67,000 shares of ScanSource stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $39.07, for a total transaction of $2,617,690.00. Following the completion of the sale, the chief executive officer now directly owns 47,890 shares in the company, valued at approximately $1,871,062.30. The disclosure for this sale can be found here. Insiders sold a total of 77,000 shares of company stock worth $3,019,290 in the last three months. 3.03% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in ScanSource by 42,757.8% in the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock worth $122,529,000 after buying an additional 3,114,479 shares in the last quarter. Norges Bank bought a new stake in ScanSource during the fourth quarter worth about $13,481,000. Oxford Asset Management bought a new stake in ScanSource during the first quarter worth about $1,111,000. Nordea Investment Management AB boosted its stake in ScanSource by 1.0% in the first quarter. Nordea Investment Management AB now owns 373,252 shares of the industrial products company’s stock worth $14,650,000 after buying an additional 3,641 shares in the last quarter. Finally, Seizert Capital Partners LLC bought a new stake in ScanSource during the first quarter worth about $1,486,000. 94.40% of the stock is currently owned by hedge funds and other institutional investors.
ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.
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