ScanSource, Inc. (SCSC) Expected to Announce Quarterly Sales of $970.70 Million
Analysts expect ScanSource, Inc. (NASDAQ:SCSC) to report $970.70 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for ScanSource’s earnings, with the lowest sales estimate coming in at $969.10 million and the highest estimate coming in at $972.30 million. ScanSource reported sales of $932.57 million during the same quarter last year, which indicates a positive year over year growth rate of 4.1%. The firm is expected to issue its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that ScanSource will report full year sales of $970.70 million for the current fiscal year, with estimates ranging from $3.71 billion to $3.80 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.87 billion per share, with estimates ranging from $3.81 billion to $3.93 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow ScanSource.
ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.68. The business had revenue of $917.30 million for the quarter, compared to the consensus estimate of $894.17 million. ScanSource had a net margin of 1.94% and a return on equity of 8.76%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS.
A number of analysts have weighed in on SCSC shares. ValuEngine upgraded ScanSource from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded ScanSource from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, BidaskClub lowered ScanSource from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $45.75.
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In other ScanSource news, Director John Patrick Reilly sold 4,023 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $41.00, for a total value of $164,943.00. Following the sale, the director now owns 16,900 shares in the company, valued at $692,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 9,076 shares of company stock worth $370,590. Insiders own 3.03% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of ScanSource by 42,757.8% during the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock valued at $122,529,000 after buying an additional 3,114,479 shares during the period. Geode Capital Management LLC increased its stake in shares of ScanSource by 8.0% during the first quarter. Geode Capital Management LLC now owns 400,568 shares of the industrial products company’s stock valued at $15,722,000 after buying an additional 29,524 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of ScanSource by 4.0% during the second quarter. Great West Life Assurance Co. Can now owns 37,565 shares of the industrial products company’s stock valued at $1,510,000 after buying an additional 1,430 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of ScanSource by 10.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 238,866 shares of the industrial products company’s stock valued at $9,376,000 after buying an additional 22,733 shares during the period. Finally, Tocqueville Asset Management L.P. increased its stake in shares of ScanSource by 0.6% during the second quarter. Tocqueville Asset Management L.P. now owns 26,317 shares of the industrial products company’s stock valued at $1,061,000 after buying an additional 167 shares during the period. Hedge funds and other institutional investors own 93.98% of the company’s stock.
Shares of ScanSource (NASDAQ SCSC) traded up 2.62% on Tuesday, reaching $41.20. 45,709 shares of the company’s stock were exchanged. ScanSource has a one year low of $29.05 and a one year high of $44.95. The company’s 50 day moving average is $38.21 and its 200-day moving average is $39.00. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 15.20 and a beta of 1.15.
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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