ScanSource (NASDAQ:SCSC) Rating Lowered to Hold at Zacks Research

ScanSource (NASDAQ:SCSC) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.

SCSC has been the subject of a number of other research reports. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Wall Street Zen upgraded shares of ScanSource from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Weiss Ratings raised shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Barclays increased their target price on ScanSource from $43.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $51.00.

ScanSource Trading Up 1.4%

SCSC opened at $61.05 on Tuesday. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.23 billion, a PE ratio of 16.68, a PEG ratio of 0.82 and a beta of 1.25. The business has a 50 day moving average of $57.75 and a 200-day moving average of $51.16. ScanSource has a 52 week low of $33.76 and a 52 week high of $66.78.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.32. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. The company had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. During the same period last year, the business earned $1.02 EPS. ScanSource’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts predict that ScanSource will post 4.90 earnings per share for the current fiscal year.

Insider Activity

In other ScanSource news, CFO Stephen Jones sold 10,000 shares of ScanSource stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $56.76, for a total transaction of $567,600.00. Following the transaction, the chief financial officer owned 87,421 shares of the company’s stock, valued at $4,962,015.96. The trade was a 10.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Brandy Ford sold 5,293 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the transaction, the chief accounting officer owned 9,907 shares of the company’s stock, valued at approximately $568,959.01. The trade was a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 95,632 shares of company stock valued at $5,484,582. 3.18% of the stock is owned by insiders.

Institutional Trading of ScanSource

Institutional investors and hedge funds have recently modified their holdings of the company. SummerHaven Investment Management LLC increased its stake in ScanSource by 4.9% in the 3rd quarter. SummerHaven Investment Management LLC now owns 18,065 shares of the industrial products company’s stock worth $1,061,000 after buying an additional 837 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of ScanSource by 2.8% in the second quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock worth $3,812,000 after acquiring an additional 1,963 shares during the period. Strs Ohio grew its position in shares of ScanSource by 12.3% during the first quarter. Strs Ohio now owns 18,300 shares of the industrial products company’s stock worth $664,000 after purchasing an additional 2,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ScanSource by 5.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 44,398 shares of the industrial products company’s stock worth $2,313,000 after purchasing an additional 2,126 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in ScanSource during the 2nd quarter valued at approximately $119,000. 97.91% of the stock is currently owned by institutional investors.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource’s offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.