ScanSource (NASDAQ:SCSC) Upgraded to Buy at Northcoast Research

Northcoast Research upgraded shares of ScanSource (NASDAQ:SCSC) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $42.00 target price on the industrial products company’s stock.

ScanSource Stock Performance

Shares of ScanSource stock opened at $35.92 on Tuesday. The firm has a market capitalization of $842.83 million, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 1.14 and a beta of 1.30. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $33.85 and its 200 day simple moving average is $42.28. ScanSource has a 12 month low of $28.75 and a 12 month high of $53.90.

Insiders Place Their Bets

In other ScanSource news, CFO Stephen Jones sold 2,000 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $36.14, for a total transaction of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares of the company’s stock, valued at $2,523,150.24. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael L. Baur sold 1,994 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $38.00, for a total transaction of $75,772.00. Following the transaction, the chief executive officer now owns 142,760 shares of the company’s stock, valued at $5,424,880. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,994 shares of company stock valued at $731,702. Company insiders own 4.20% of the company’s stock.

Institutional Trading of ScanSource

A number of institutional investors have recently modified their holdings of SCSC. Castlekeep Investment Advisors LLC purchased a new stake in shares of ScanSource during the fourth quarter worth $78,694,000. Pzena Investment Management LLC boosted its stake in ScanSource by 132.8% in the 1st quarter. Pzena Investment Management LLC now owns 942,068 shares of the industrial products company’s stock worth $32,040,000 after purchasing an additional 537,358 shares during the period. American Century Companies Inc. grew its holdings in ScanSource by 13.1% during the 4th quarter. American Century Companies Inc. now owns 759,318 shares of the industrial products company’s stock valued at $36,030,000 after buying an additional 87,721 shares in the last quarter. Invesco Ltd. increased its position in shares of ScanSource by 2.4% during the fourth quarter. Invesco Ltd. now owns 618,099 shares of the industrial products company’s stock valued at $29,329,000 after buying an additional 14,669 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of ScanSource by 15.6% during the fourth quarter. JPMorgan Chase & Co. now owns 436,007 shares of the industrial products company’s stock valued at $20,689,000 after buying an additional 58,927 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.