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

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC) from a buy rating to a strong-buy rating in a research note published on Sunday,Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the company. 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. Zacks Research lowered ScanSource from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. Weiss Ratings upgraded shares of ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Northcoast Research cut shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ScanSource presently has a consensus rating of “Hold” and a consensus target price of $51.00.

ScanSource Price Performance

SCSC stock opened at $61.05 on Friday. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The business’s 50 day moving average price is $58.06 and its two-hundred day moving average price is $51.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 0.83 and a beta of 1.25.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.32. The firm had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a return on equity of 10.10% and a net margin of 2.44%. The business’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, analysts forecast that ScanSource will post 4.90 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Brandy Ford sold 5,293 shares of the firm’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 transaction of $303,976.99. Following the completion of the transaction, the chief accounting officer owned 9,907 shares of the company’s stock, valued at $568,959.01. This trade represents a 34.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Mathis sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $58.00, for a total value of $174,000.00. Following the transaction, the director directly owned 25,027 shares of the company’s stock, valued at approximately $1,451,566. This trade represents a 10.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 95,632 shares of company stock valued at $5,484,582. 3.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On ScanSource

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of ScanSource during the second quarter valued at $200,140,000. Pzena Investment Management LLC purchased a new position in shares of ScanSource in the 2nd quarter worth about $57,807,000. Bank of New York Mellon Corp bought a new position in ScanSource in the 2nd quarter worth about $7,036,000. Pacer Advisors Inc. boosted its stake in ScanSource by 69.7% in the 1st 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 boosted 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 worth $4,664,000 after purchasing an additional 11,767 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

ScanSource Company Profile

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.