ScanSource (NASDAQ:SCSC) Raised to Strong-Buy at Wall Street Zen

ScanSource (NASDAQ:SCSC) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Other analysts also recently issued research reports about the stock. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. Barclays upped their price target on ScanSource from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Weiss Ratings upgraded ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Zacks Research lowered ScanSource from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $51.00.

ScanSource Stock Down 0.1%

Shares of NASDAQ:SCSC opened at $60.98 on Friday. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.83 and a beta of 1.25. ScanSource has a 12-month low of $33.76 and a 12-month high of $66.78. The business has a 50-day moving average price of $58.11 and a 200 day moving average price of $47.47. The company has a current ratio of 1.76, a quick ratio of 1.15 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share 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 quarter last year, the firm posted $1.02 earnings per share. ScanSource’s revenue was up 17.3% compared to the same quarter last year. Sell-side analysts expect that ScanSource will post 4.90 EPS for the current year.

Insiders Place Their Bets

In related news, 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 value of $303,976.99. Following the completion of the transaction, the chief accounting officer directly owned 9,907 shares of the company’s stock, valued at $568,959.01. This represents a 34.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Stephen Jones sold 10,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 87,421 shares of the company’s stock, valued at approximately $4,962,015.96. The trade was a 10.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 95,632 shares of company stock worth $5,484,582 in the last three months. 3.18% of the stock is owned by company insiders.

Institutional Trading of ScanSource

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in ScanSource during the 2nd quarter valued at approximately $200,140,000. Pzena Investment Management LLC purchased a new stake in ScanSource during the second quarter worth about $57,807,000. Bank of New York Mellon Corp purchased a new stake in shares of ScanSource during the 2nd quarter worth approximately $7,036,000. Pacer Advisors Inc. boosted its position in ScanSource by 69.7% during the first quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock worth $4,748,000 after purchasing an additional 53,702 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in ScanSource by 10.1% in the 1st quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company’s stock valued at $4,664,000 after acquiring an additional 11,767 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

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.