ScanSource, Inc. (SCSC) Lowered to Neutral at Northcoast Research
Northcoast Research lowered shares of ScanSource, Inc. (NASDAQ:SCSC) from a buy rating to a neutral rating in a research note published on Monday morning, Marketbeat.com reports.
A number of other research firms also recently commented on SCSC. ValuEngine raised shares of ScanSource from a hold rating to a buy rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of ScanSource from a sell rating to a hold rating in a research report on Wednesday, July 12th. Finally, BidaskClub downgraded shares of ScanSource from a hold rating to a sell rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $45.75.
Shares of ScanSource (NASDAQ SCSC) opened at 44.25 on Monday. The stock’s 50 day moving average is $39.70 and its 200 day moving average is $39.25. ScanSource has a 1-year low of $29.05 and a 1-year high of $44.95. The firm has a market capitalization of $1.13 billion, a P/E ratio of 16.33 and a beta of 1.16.
ScanSource (NASDAQ:SCSC) last posted its earnings results on Tuesday, August 29th. The industrial products company reported $0.68 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.68. The firm 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 revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm posted $0.51 EPS. Equities analysts predict that ScanSource will post $3.07 earnings per share for the current year.
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In related news, Director John Patrick Reilly sold 4,023 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $41.00, for a total value of $164,943.00. Following the transaction, the director now directly owns 16,900 shares of the company’s stock, valued at approximately $692,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 9,076 shares of company stock worth $370,590 over the last ninety days. Insiders own 3.03% of the company’s stock.
A number of large investors have recently modified their holdings of SCSC. BlackRock Inc. boosted its stake in ScanSource by 42,757.8% during the 1st quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock worth $122,529,000 after purchasing an additional 3,114,479 shares during the period. LSV Asset Management boosted its stake in ScanSource by 33.1% during the 2nd quarter. LSV Asset Management now owns 849,662 shares of the industrial products company’s stock worth $34,241,000 after purchasing an additional 211,471 shares during the period. Northern Trust Corp boosted its stake in ScanSource by 24.1% during the 2nd quarter. Northern Trust Corp now owns 666,664 shares of the industrial products company’s stock worth $26,867,000 after purchasing an additional 129,636 shares during the period. Vanguard Group Inc. boosted its stake in ScanSource by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 2,299,971 shares of the industrial products company’s stock worth $90,273,000 after purchasing an additional 109,814 shares during the period. Finally, Prudential Financial Inc. boosted its stake in ScanSource by 47.3% during the 1st quarter. Prudential Financial Inc. now owns 274,839 shares of the industrial products company’s stock worth $10,788,000 after purchasing an additional 88,192 shares during the period. Hedge funds and other institutional investors own 93.98% of the company’s stock.
ScanSource Company Profile
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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