ScanSource (NASDAQ:SCSC) Downgraded by Zacks Research to Strong Sell
by Jessica Moore · The Cerbat GemZacks Research lowered shares of ScanSource (NASDAQ:SCSC – Free Report) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning,Zacks.com reports.
Several other analysts have also commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ScanSource in a research report on Monday, December 29th. Wall Street Zen cut ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $42.50.
View Our Latest Analysis on ScanSource
ScanSource Price Performance
Shares of NASDAQ:SCSC traded down $1.08 during trading on Monday, reaching $35.64. The stock had a trading volume of 80,663 shares, compared to its average volume of 221,200. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.22 and a current ratio of 1.96. ScanSource has a 1-year low of $28.75 and a 1-year high of $46.25. The stock has a market cap of $765.44 million, a PE ratio of 10.93, a PEG ratio of 0.64 and a beta of 1.28. The business has a fifty day moving average price of $40.73 and a 200-day moving average price of $41.72.
ScanSource (NASDAQ:SCSC – Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The industrial products company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). The firm had revenue of $766.51 million during the quarter, compared to analysts’ expectations of $782.46 million. ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS. On average, equities analysts forecast that ScanSource will post 3.33 earnings per share for the current fiscal year.
Insider Transactions at ScanSource
In related news, CFO Stephen Jones sold 5,020 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $42.30, for a total transaction of $212,346.00. Following the completion of the sale, the chief financial officer owned 83,326 shares in the company, valued at $3,524,689.80. The trade was a 5.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael L. Baur sold 9,459 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $41.42, for a total transaction of $391,791.78. Following the completion of the transaction, the chief executive officer owned 182,512 shares of the company’s stock, valued at approximately $7,559,647.04. The trade was a 4.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 25,020 shares of company stock valued at $1,035,669 over the last ninety days. 3.18% of the stock is owned by company insiders.
Institutional Trading of ScanSource
A number of large investors have recently made changes to their positions in SCSC. Y Intercept Hong Kong Ltd acquired a new position in shares of ScanSource in the third quarter valued at approximately $611,000. New York State Common Retirement Fund grew its position in ScanSource by 326.9% in the 3rd quarter. New York State Common Retirement Fund now owns 36,696 shares of the industrial products company’s stock valued at $1,614,000 after buying an additional 28,100 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in ScanSource by 90.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 14,151 shares of the industrial products company’s stock valued at $592,000 after buying an additional 6,720 shares during the period. WINTON GROUP Ltd purchased a new position in ScanSource during the 2nd quarter worth $2,384,000. Finally, American Century Companies Inc. increased its stake in shares of ScanSource by 4.4% during the second quarter. American Century Companies Inc. now owns 854,624 shares of the industrial products company’s stock worth $35,732,000 after acquiring an additional 36,161 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.
About ScanSource
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.