ScanSource (NASDAQ:SCSC) Stock Rating Upgraded by Wall Street Zen

ScanSource (NASDAQ:SCSC) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Zacks Research upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Stock Down 1.5%

SCSC stock opened at $46.71 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. ScanSource has a 52-week low of $33.76 and a 52-week high of $48.70. The company has a 50-day moving average of $41.31 and a two-hundred day moving average of $39.90. The stock has a market capitalization of $949.61 million, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 0.81 and a beta of 1.30.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business had revenue of $758.59 million during the quarter, compared to analysts’ expectations of $738.55 million. During the same quarter last year, the company earned $0.86 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that ScanSource will post 3.9 EPS for the current year.

Insider Buying and Selling at ScanSource

In related news, CEO Michael L. Baur sold 3,827 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $35.89, for a total value of $137,351.03. Following the completion of the sale, the chief executive officer owned 157,512 shares in the company, valued at approximately $5,653,105.68. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in ScanSource by 15.9% in the third quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock worth $18,927,000 after purchasing an additional 58,947 shares in the last quarter. LSV Asset Management raised its position in ScanSource by 11.9% in the third quarter. LSV Asset Management now owns 602,960 shares of the industrial products company’s stock worth $26,524,000 after purchasing an additional 64,300 shares in the last quarter. New York State Common Retirement Fund raised its position in ScanSource by 326.9% in the third quarter. New York State Common Retirement Fund now owns 36,696 shares of the industrial products company’s stock worth $1,614,000 after purchasing an additional 28,100 shares in the last quarter. SG Americas Securities LLC raised its position in ScanSource by 2,835.9% in the fourth quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company’s stock worth $11,084,000 after purchasing an additional 274,091 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in ScanSource by 333.8% in the fourth quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock worth $5,978,000 after purchasing an additional 117,762 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Company Profile

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.