Zacks Investment Research Lowers ScanSource (SCSC) to Hold

ScanSource (NASDAQ:SCSC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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. “

Several other equities research analysts have also issued reports on the stock. BidaskClub lowered shares of ScanSource from a “sell” rating to a “strong sell” rating in a report on Thursday, December 7th. TheStreet lowered shares of ScanSource from a “b” rating to a “c+” rating in a report on Wednesday, November 8th. Finally, ValuEngine lowered shares of ScanSource from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $43.25.

Shares of ScanSource (NASDAQ SCSC) opened at $33.45 on Friday. The stock has a market cap of $882.21, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 3.72 and a beta of 1.06. The company has a quick ratio of 1.08, a current ratio of 2.15 and a debt-to-equity ratio of 0.42. ScanSource has a fifty-two week low of $31.50 and a fifty-two week high of $45.35.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.10. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $965.15 million. ScanSource had a net margin of 1.18% and a return on equity of 9.06%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 EPS. equities research analysts forecast that ScanSource will post 3.09 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in shares of ScanSource in the 3rd quarter worth about $202,000. Palouse Capital Management Inc. bought a new stake in shares of ScanSource in the 3rd quarter worth about $226,000. Piedmont Investment Advisors LLC bought a new stake in shares of ScanSource in the 2nd quarter worth about $221,000. Victory Capital Management Inc. grew its holdings in shares of ScanSource by 94.5% in the 3rd quarter. Victory Capital Management Inc. now owns 5,785 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 2,811 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of ScanSource by 26.5% in the 3rd quarter. SG Americas Securities LLC now owns 6,030 shares of the industrial products company’s stock worth $263,000 after purchasing an additional 1,262 shares during the last quarter. 94.79% of the stock is currently owned by institutional investors and hedge funds.

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About ScanSource

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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