ScanSource, Inc. (SCSC) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of ScanSource, Inc. (NASDAQ:SCSC) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $48.50.
Several research firms have commented on SCSC. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday. BidaskClub downgraded shares of ScanSource from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded shares of ScanSource from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, ValuEngine raised shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Friday, September 1st.
In other news, Director John Patrick Reilly sold 4,023 shares of ScanSource 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 completion of the transaction, the director now directly owns 16,900 shares in the company, valued at $692,900. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 9,076 shares of company stock valued at $370,590 over the last ninety days. Corporate insiders own 3.03% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings 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 in the last quarter. Great West Life Assurance Co. Can boosted its stake in ScanSource by 4.0% in the 2nd quarter. Great West Life Assurance Co. Can now owns 37,565 shares of the industrial products company’s stock worth $1,510,000 after purchasing an additional 1,430 shares during the period. Geode Capital Management LLC grew its holdings in ScanSource by 8.0% during the 1st 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 in the last quarter. BNP Paribas Arbitrage SA grew its holdings in ScanSource by 47.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 10,357 shares of the industrial products company’s stock valued at $417,000 after buying an additional 3,317 shares in the last quarter. Finally, Summit Global Investments purchased a new position in ScanSource during the 2nd quarter valued at about $512,000. 93.98% of the stock is currently owned by institutional investors and hedge funds.
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ScanSource (NASDAQ SCSC) traded down 0.69% during trading on Monday, reaching $43.35. 19,853 shares of the company were exchanged. ScanSource has a one year low of $29.05 and a one year high of $44.95. The firm’s 50 day moving average price is $38.21 and its 200-day moving average price is $39.00. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 16.00 and a beta of 1.16.
ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 earnings per share for the quarter, hitting the consensus estimate of $0.68. ScanSource had a return on equity of 8.76% and a net margin of 1.94%. The company had revenue of $917.30 million during the quarter, compared to analyst estimates of $894.17 million. During the same quarter last year, the firm posted $0.51 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts predict that ScanSource will post $3.07 earnings per share for the current year.
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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