ScanSource (NASDAQ:SCSC) Stock Rating Raised to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC) from a buy rating to a strong-buy rating in a report published on Saturday,Wall Street Zen reports.

Several other research analysts also recently commented on the company. Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Zacks Research raised ScanSource from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 24th. Barclays increased their price objective on ScanSource from $43.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Finally, Weiss Ratings upgraded shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ScanSource currently has a consensus rating of “Moderate Buy” and an average target price of $51.00.

ScanSource Trading Down 0.7%

ScanSource stock opened at $60.02 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76. The business’s 50-day simple moving average is $57.30 and its 200-day simple moving average is $50.56. The firm has a market capitalization of $1.21 billion, a PE ratio of 16.40, a PEG ratio of 0.82 and a beta of 1.25. ScanSource has a 52 week low of $33.76 and a 52 week high of $66.78.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%. The business had revenue of $953.11 million during the quarter, compared to analysts’ expectations of $814.35 million. During the same quarter in the previous year, the firm earned $1.02 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that ScanSource will post 4.90 earnings per share for the current year.

Insider Activity at ScanSource

In other news, CAO Brandy Ford sold 5,293 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the transaction, the chief accounting officer owned 9,907 shares of the company’s stock, valued at approximately $568,959.01. This represents a 34.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Stephen Jones sold 10,000 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $56.76, for a total transaction of $567,600.00. Following the completion of the sale, the chief financial officer owned 87,421 shares of the company’s stock, valued at approximately $4,962,015.96. The trade was a 10.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 95,632 shares of company stock worth $5,484,582 over the last ninety days. Corporate insiders own 3.18% of the company’s stock.

Hedge Funds Weigh In On ScanSource

Several institutional investors and hedge funds have recently added to or reduced their stakes in SCSC. Freestone Grove Partners LP acquired a new position in ScanSource in the 2nd quarter valued at approximately $119,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of ScanSource during the 2nd quarter worth approximately $134,000. RHS Financial LLC acquired a new stake in shares of ScanSource during the 3rd quarter worth approximately $210,000. HighTower Advisors LLC bought a new stake in shares of ScanSource during the second quarter valued at approximately $246,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of ScanSource during the second quarter valued at approximately $289,000. 97.91% of the stock is currently owned by institutional investors.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.