ScanSource (NASDAQ:SCSC) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of ScanSource (NASDAQ:SCSC) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen upgraded ScanSource from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Finally, Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, ScanSource currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

ScanSource Trading Up 3.8%

Shares of SCSC stock opened at $56.19 on Monday. 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 firm has a market cap of $1.13 billion, a P/E ratio of 15.35, a PEG ratio of 0.79 and a beta of 1.28. The company has a 50 day moving average of $53.37 and a 200-day moving average of $44.71. ScanSource has a 12-month low of $33.76 and a 12-month high of $66.78.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The firm had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. During the same period in the previous year, the company posted $1.02 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that ScanSource will post 4.56 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new stake in shares of ScanSource in the second quarter worth about $25,000. Royal Bank of Canada lifted its stake in ScanSource by 165.0% in 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 in the last quarter. Osaic Holdings Inc. boosted its holdings in ScanSource by 400.5% in the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after purchasing an additional 1,670 shares during the period. Freestone Grove Partners LP bought a new position in shares of ScanSource in the second quarter worth $119,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of ScanSource in the second quarter worth $134,000. Hedge funds and other institutional investors 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.