ScanSource (NASDAQ:SCSC) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of ScanSource (NASDAQ:SCSC) from a buy rating to a hold rating in a report published on Saturday.

A number of other equities research analysts have also weighed in on SCSC. Zacks Research upgraded ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $43.00.

ScanSource Price Performance

Shares of NASDAQ SCSC opened at $54.24 on Friday. The business has a fifty day moving average price of $48.67 and a two-hundred day moving average price of $42.19. The stock has a market capitalization of $1.10 billion, a PE ratio of 16.44, a P/E/G ratio of 0.85 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $55.15.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. The firm had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. As a group, equities analysts predict that ScanSource will post 3.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ScanSource

Several hedge funds and other institutional investors have recently bought and sold shares of SCSC. JPMorgan Chase & Co. grew its holdings in ScanSource by 15.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock worth $18,927,000 after acquiring an additional 58,947 shares during the period. SG Americas Securities LLC lifted its stake in shares of ScanSource by 2,835.9% in the 4th quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company’s stock valued at $11,084,000 after purchasing an additional 274,091 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of ScanSource by 333.8% in the 4th quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock valued at $5,978,000 after purchasing an additional 117,762 shares during the period. Vanguard Group Inc. boosted its position in shares of ScanSource by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock valued at $110,423,000 after purchasing an additional 78,993 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of ScanSource by 65.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 133,593 shares of the industrial products company’s stock valued at $5,222,000 after purchasing an additional 52,763 shares in the last quarter. Institutional investors and hedge funds 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.