ScanSource (SCSC) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ScanSource (NASDAQ:SCSC) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $38.00 target price on the industrial products company’s stock.

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 research firms have also recently weighed in on SCSC. ValuEngine cut ScanSource from a buy rating to a hold rating in a report on Sunday, December 31st. BidaskClub cut ScanSource from a sell rating to a strong sell rating in a report on Thursday, December 7th. Finally, TheStreet cut ScanSource from a b rating to a c+ rating in a report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $43.25.

ScanSource (NASDAQ SCSC) opened at $33.50 on Tuesday. ScanSource has a 1-year low of $31.50 and a 1-year high of $45.35. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $854.24, a PE ratio of 19.71, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.10. ScanSource had a return on equity of 9.14% and a net margin of 1.18%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $965.15 million. During the same quarter in the previous year, the business posted $0.75 EPS. ScanSource’s revenue for the quarter was up 14.1% on a year-over-year basis. sell-side analysts expect that ScanSource will post 3.04 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of ScanSource by 1.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 42,294 shares of the industrial products company’s stock valued at $1,704,000 after purchasing an additional 438 shares in the last quarter. Voya Investment Management LLC lifted its stake in ScanSource by 8.0% in the 2nd quarter. Voya Investment Management LLC now owns 13,394 shares of the industrial products company’s stock valued at $540,000 after acquiring an additional 994 shares in the last quarter. SG Americas Securities LLC lifted its stake in ScanSource by 26.5% in the 3rd quarter. SG Americas Securities LLC now owns 6,030 shares of the industrial products company’s stock valued at $263,000 after acquiring an additional 1,262 shares in the last quarter. First Trust Advisors LP lifted its stake in ScanSource by 3.7% in the 4th quarter. First Trust Advisors LP now owns 49,678 shares of the industrial products company’s stock valued at $1,778,000 after acquiring an additional 1,784 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in ScanSource by 2.1% in the 2nd quarter. California Public Employees Retirement System now owns 91,500 shares of the industrial products company’s stock valued at $3,687,000 after acquiring an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 94.79% of the company’s stock.

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About ScanSource

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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