ScanSource (NASDAQ:SCSC) Stock Rating Upgraded by Northcoast Research

Northcoast Research upgraded shares of ScanSource (NASDAQ:SCSC) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $42.00 price target on the industrial products company’s stock.

ScanSource Price Performance

ScanSource stock opened at $38.39 on Tuesday. The company has a quick ratio of 1.30, a current ratio of 2.11 and a debt-to-equity ratio of 0.15. ScanSource has a 12-month low of $28.75 and a 12-month high of $53.90. The stock has a market cap of $900.78 million, a price-to-earnings ratio of 15.17, a P/E/G ratio of 1.14 and a beta of 1.30. The business’s 50-day simple moving average is $33.88 and its 200 day simple moving average is $42.18.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The company had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. ScanSource had a return on equity of 8.55% and a net margin of 2.08%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.69 EPS. As a group, research analysts anticipate that ScanSource will post 3.33 earnings per share for the current year.

Insider Activity at ScanSource

In other news, CFO Stephen Jones sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $36.14, for a total value of $72,280.00. Following the completion of the transaction, the chief financial officer now owns 69,816 shares in the company, valued at $2,523,150.24. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael L. Baur sold 1,994 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $38.00, for a total value of $75,772.00. Following the transaction, the chief executive officer now owns 142,760 shares of the company’s stock, valued at approximately $5,424,880. This trade represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ScanSource

Several institutional investors and hedge funds have recently added to or reduced their stakes in SCSC. JPMorgan Chase & Co. increased its holdings in ScanSource by 31.8% during the third quarter. JPMorgan Chase & Co. now owns 377,080 shares of the industrial products company’s stock worth $18,111,000 after buying an additional 91,069 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of ScanSource by 9.9% during the third quarter. Franklin Resources Inc. now owns 22,577 shares of the industrial products company’s stock worth $1,093,000 after purchasing an additional 2,026 shares during the period. Barclays PLC raised its holdings in ScanSource by 97.9% in the 3rd quarter. Barclays PLC now owns 54,346 shares of the industrial products company’s stock valued at $2,610,000 after acquiring an additional 26,881 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in ScanSource during the fourth quarter worth about $807,000. Finally, Ritholtz Wealth Management lifted its holdings in shares of ScanSource by 63.5% during the 4th quarter. Ritholtz Wealth Management now owns 15,013 shares of the industrial products company’s stock worth $712,000 after acquiring an additional 5,830 shares during the period. 97.91% of the stock is owned by institutional investors.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.