ScanSource (NASDAQ:SCSC) Upgraded at Wall Street Zen
by Amy Steele · The Cerbat GemWall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC – Free Report) from a buy rating to a strong-buy rating in a report issued on Saturday,Wall Street Zen reports.
Several other research firms have also recently commented on SCSC. Weiss Ratings raised shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Zacks Research upgraded ScanSource from a “hold” rating to a “strong-buy” rating in a report on Monday, August 24th. Barclays increased their price target on ScanSource from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Finally, Northcoast Research lowered ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.
Read Our Latest Stock Analysis on ScanSource
ScanSource Stock Performance
Shares of NASDAQ SCSC opened at $59.28 on Friday. The company has a market cap of $1.19 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 0.82 and a beta of 1.25. ScanSource has a 12 month low of $33.76 and a 12 month high of $66.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. The company has a 50-day simple moving average of $57.40 and a 200-day simple moving average of $50.82.
ScanSource (NASDAQ:SCSC – Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.32. The business had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 earnings per share. On average, equities analysts anticipate that ScanSource will post 4.90 earnings per share for the current year.
Insiders Place Their Bets
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 $568,959.01. This represents a 34.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles Mathis sold 3,000 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $58.00, for a total transaction of $174,000.00. Following the transaction, the director owned 25,027 shares in the company, valued at approximately $1,451,566. The trade was a 10.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,632 shares of company stock worth $5,484,582 over the last 90 days. Corporate insiders own 3.18% of the company’s stock.
Institutional Investors Weigh In On ScanSource
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in ScanSource in the second quarter valued at $200,140,000. Pzena Investment Management LLC purchased a new stake in ScanSource during the second quarter valued at about $57,807,000. SG Americas Securities LLC grew its position in ScanSource by 74.4% during the first quarter. SG Americas Securities LLC now owns 494,988 shares of the industrial products company’s stock valued at $17,968,000 after acquiring an additional 211,232 shares during the period. Bank of New York Mellon Corp acquired a new stake in ScanSource during the second quarter worth about $7,036,000. Finally, Empowered Funds LLC acquired a new stake in ScanSource during the second quarter worth about $5,517,000. 97.91% of the stock is owned by institutional investors and hedge funds.
About ScanSource
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.