Zacks Investment Research lowered shares of ScanSource, Inc. (NASDAQ:SCSC) from a buy rating to a hold rating in a report released on Thursday morning.
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 analysts also recently weighed in on the company. BidaskClub downgraded ScanSource from a hold rating to a sell rating in a research report on Friday, July 28th. ValuEngine upgraded ScanSource from a hold rating to a buy rating in a research report on Friday, September 1st. Finally, Northcoast Research downgraded ScanSource from a buy rating to a neutral rating in a research report on Monday, October 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $45.75.
Shares of ScanSource (NASDAQ:SCSC) opened at $42.10 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.14 and a current ratio of 1.95. The company has a market capitalization of $1,073.55, a price-to-earnings ratio of 15.25, a P/E/G ratio of 4.65 and a beta of 1.11. ScanSource has a 52 week low of $29.05 and a 52 week high of $45.35.
ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 EPS for the quarter, meeting analysts’ consensus estimates of $0.68. The business had revenue of $917.30 million for the quarter, compared to analyst estimates of $894.17 million. ScanSource had a return on equity of 9.25% and a net margin of 2.07%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.51 earnings per share. research analysts expect that ScanSource will post 3.02 EPS for the current year.
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In related news, CEO Michael L. Baur sold 17,621 shares of the stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $44.32, for a total transaction of $780,962.72. Following the transaction, the chief executive officer now directly owns 35,209 shares in the company, valued at $1,560,462.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael L. Baur sold 44,565 shares of the stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $44.16, for a total value of $1,967,990.40. The disclosure for this sale can be found here. Insiders have sold 90,397 shares of company stock worth $3,959,574 over the last quarter. 2.35% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its holdings in shares of ScanSource by 34.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 13,961 shares of the industrial products company’s stock worth $609,000 after purchasing an additional 3,604 shares during the period. Pzena Investment Management LLC raised its holdings in shares of ScanSource by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 1,317,928 shares of the industrial products company’s stock worth $57,528,000 after purchasing an additional 42,025 shares during the period. Prudential Financial Inc. raised its holdings in shares of ScanSource by 1.9% in the 3rd quarter. Prudential Financial Inc. now owns 321,379 shares of the industrial products company’s stock worth $14,028,000 after purchasing an additional 5,950 shares during the period. IndexIQ Advisors LLC raised its holdings in shares of ScanSource by 82.9% in the 3rd quarter. IndexIQ Advisors LLC now owns 22,083 shares of the industrial products company’s stock worth $964,000 after purchasing an additional 10,010 shares during the period. Finally, Foundry Partners LLC raised its holdings in shares of ScanSource by 7.6% in the 3rd quarter. Foundry Partners LLC now owns 108,170 shares of the industrial products company’s stock worth $4,722,000 after purchasing an additional 7,651 shares during the period. Institutional investors own 94.16% of the company’s stock.
ScanSource Company Profile
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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