ScanSource (NASDAQ:SCSC) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC) from a hold rating to a buy rating in a research report report published on Saturday morning.

Separately, Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, ScanSource currently has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Price Performance

Shares of NASDAQ:SCSC opened at $54.95 on Friday. ScanSource has a 12 month low of $33.76 and a 12 month high of $59.60. The firm has a market capitalization of $1.12 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.85 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The company’s fifty day moving average price is $52.18 and its 200 day moving average price is $43.74.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The company had revenue of $758.59 million during the quarter, compared to the consensus estimate of $738.55 million. During the same quarter in the prior year, the firm posted $0.86 earnings per share. ScanSource’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, sell-side analysts predict that ScanSource will post 3.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in shares of ScanSource in the second quarter valued at about $25,000. Royal Bank of Canada grew its holdings in shares of ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after buying an additional 1,168 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after buying an additional 1,670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of ScanSource during the second quarter worth about $134,000. Finally, Tower Research Capital LLC TRC increased its position in ScanSource by 672.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 4,032 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.