Zacks: ScanSource, Inc. (SCSC) Given $44.00 Consensus Target Price by Brokerages
Shares of ScanSource, Inc. (NASDAQ:SCSC) have been given an average broker rating score of 2.00 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company.
Brokers have set a one year consensus price objective of $44.00 for the company and are anticipating that the company will post $0.66 earnings per share for the current quarter, according to Zacks. Zacks has also given ScanSource an industry rank of 172 out of 265 based on the ratings given to its competitors.
Several research analysts have weighed in on the stock. FinTrust Advisors downgraded shares of ScanSource from a “buy” rating to a “hold” rating and increased their price target for the stock from $42.20 to $48.50 in a research report on Monday, February 20th. TheStreet upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Wednesday, December 21st. Finally, Zacks Investment Research downgraded shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th.
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Shares of ScanSource (NASDAQ:SCSC) traded down 0.93% on Tuesday, reaching $37.45. 15,070 shares of the company traded hands. The stock has a 50-day moving average price of $39.39 and a 200 day moving average price of $38.88. The firm has a market capitalization of $945.69 million, a P/E ratio of 14.94 and a beta of 1.18. ScanSource has a 1-year low of $29.05 and a 1-year high of $44.95.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, February 7th. The industrial products company reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. ScanSource had a net margin of 1.85% and a return on equity of 8.56%. The business had revenue of $904.80 million for the quarter, compared to the consensus estimate of $962.57 million. During the same period last year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was down 8.9% on a year-over-year basis. Analysts anticipate that ScanSource will post $2.84 EPS for the current fiscal year.
In other news, CEO Michael L. Baur sold 50,000 shares of the firm’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $40.21, for a total transaction of $2,010,500.00. Following the sale, the chief executive officer now directly owns 51,572 shares in the company, valued at approximately $2,073,710.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Grainger sold 2,900 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $43.15, for a total transaction of $125,135.00. Following the sale, the director now owns 10,400 shares in the company, valued at $448,760. The disclosure for this sale can be found here. 3.03% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in SCSC. Municipal Employees Retirement System of Michigan increased its stake in shares of ScanSource by 0.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 12,080 shares of the industrial products company’s stock valued at $441,000 after buying an additional 90 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of ScanSource by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the industrial products company’s stock valued at $404,000 after buying an additional 200 shares during the last quarter. Aperio Group LLC increased its stake in shares of ScanSource by 7.4% in the third quarter. Aperio Group LLC now owns 7,819 shares of the industrial products company’s stock valued at $285,000 after buying an additional 539 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of ScanSource by 1.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 44,700 shares of the industrial products company’s stock valued at $1,803,000 after buying an additional 570 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of ScanSource by 33.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,856 shares of the industrial products company’s stock valued at $156,000 after buying an additional 973 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.
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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