ScanSource (NASDAQ:SCSC) Downgraded to Hold Rating by Wall Street Zen

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

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

ScanSource Trading Up 0.2%

NASDAQ SCSC opened at $54.79 on Friday. ScanSource has a one year low of $33.76 and a one year high of $54.92. The company’s 50 day moving average price is $48.46 and its 200 day moving average price is $42.07. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 0.85 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm had revenue of $758.59 million for the quarter, compared to analysts’ expectations of $738.55 million. During the same period in the previous year, the company posted $0.86 earnings per share. ScanSource’s revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts predict that ScanSource will post 3.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SCSC. Canada Pension Plan Investment Board purchased a new position in ScanSource in the second quarter valued at about $25,000. Royal Bank of Canada increased its holdings in ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. increased its holdings in ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after purchasing an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of ScanSource by 672.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 4,032 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of ScanSource by 12.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 590 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

About ScanSource

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.