ScanSource, Inc. (NASDAQ:SCSC) Lifted to Hold at Zacks Investment Research
ScanSource, Inc. (NASDAQ:SCSC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “ScanSource, Inc. serves North America as a value-added distributor of specialty technologies, including automatic identification and point-of-sale products, and business telephone products. Serving only the value added reseller, ScanSource is committed to growing specialty technology markets by strengthening and enlarging the value added reseller channel. ScanSource’s commitment to value added resellers includes offering a broad product selection, competitive pricing, fast delivery, technical support, sales training, customer financing and qualified leads. “
Shares of ScanSource (NASDAQ:SCSC) traded up 0.25% during trading on Wednesday, hitting $39.70. 11,176 shares of the company were exchanged. The stock has a market capitalization of $1.00 billion, a PE ratio of 16.11 and a beta of 1.16. ScanSource has a 1-year low of $29.05 and a 1-year high of $44.95. The company has a 50 day moving average of $38.73 and a 200-day moving average of $39.86.
ScanSource (NASDAQ:SCSC) last announced its earnings results on Tuesday, May 9th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by $0.01. The firm had revenue of $813.50 million during the quarter, compared to analysts’ expectations of $833.10 million. ScanSource had a return on equity of 8.41% and a net margin of 1.79%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 earnings per share. On average, analysts forecast that ScanSource will post $2.76 earnings per share for the current year.
In other ScanSource news, CEO Michael L. Baur sold 67,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $39.07, for a total value of $2,617,690.00. Following the transaction, the chief executive officer now directly owns 47,890 shares of the company’s stock, valued at $1,871,062.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven R. Fischer sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $40.13, for a total value of $200,650.00. Following the completion of the transaction, the director now directly owns 25,867 shares in the company, valued at $1,038,042.71. The disclosure for this sale can be found here. Insiders sold 77,000 shares of company stock worth $3,019,290 over the last three months. Insiders own 3.03% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of ScanSource by 42,757.8% in the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock valued at $122,529,000 after buying an additional 3,114,479 shares during the last quarter. Norges Bank purchased a new position in shares of ScanSource during the fourth quarter valued at about $13,481,000. LSV Asset Management boosted its position in shares of ScanSource by 109.2% in the first quarter. LSV Asset Management now owns 638,191 shares of the industrial products company’s stock valued at $25,048,000 after buying an additional 333,129 shares during the last quarter. Martingale Asset Management L P boosted its position in shares of ScanSource by 1,070.3% in the first quarter. Martingale Asset Management L P now owns 141,938 shares of the industrial products company’s stock valued at $5,572,000 after buying an additional 129,810 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of ScanSource by 5.0% in the first quarter. Vanguard Group Inc. now owns 2,299,971 shares of the industrial products company’s stock valued at $90,273,000 after buying an additional 109,814 shares during the last quarter. 94.74% of the stock is currently owned by institutional investors and hedge funds.
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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