ScanSource (SCSC) Raised to “Buy” at BidaskClub

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ScanSource (NASDAQ:SCSC) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

SCSC has been the topic of several other research reports. ValuEngine raised shares of ScanSource from a “sell” rating to a “hold” rating in a research report on Thursday, May 17th. Northcoast Research raised shares of ScanSource from a “neutral” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Monday, March 26th. Finally, Zacks Investment Research lowered shares of ScanSource from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $42.00.

SCSC stock opened at $41.30 on Wednesday. The company has a market cap of $1.06 billion, a PE ratio of 15.02, a PEG ratio of 4.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.20 and a current ratio of 2.09. ScanSource has a one year low of $31.40 and a one year high of $45.35.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, May 8th. The industrial products company reported $0.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.02). The firm had revenue of $895.64 million for the quarter, compared to analysts’ expectations of $878.70 million. ScanSource had a net margin of 1.11% and a return on equity of 9.01%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 EPS. analysts forecast that ScanSource will post 3.11 earnings per share for the current year.

In other news, CEO Michael L. Baur sold 4,991 shares of ScanSource stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $40.00, for a total transaction of $199,640.00. Following the sale, the chief executive officer now owns 40,691 shares of the company’s stock, valued at approximately $1,627,640. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.35% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in ScanSource by 12.8% in the first quarter. BlackRock Inc. now owns 3,657,410 shares of the industrial products company’s stock valued at $130,022,000 after purchasing an additional 415,034 shares during the period. Dimensional Fund Advisors LP raised its position in ScanSource by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,159,164 shares of the industrial products company’s stock valued at $76,758,000 after purchasing an additional 13,713 shares during the period. Pzena Investment Management LLC raised its position in ScanSource by 1.3% in the fourth quarter. Pzena Investment Management LLC now owns 1,335,617 shares of the industrial products company’s stock valued at $47,815,000 after purchasing an additional 17,689 shares during the period. Northern Trust Corp raised its position in ScanSource by 0.6% in the first quarter. Northern Trust Corp now owns 757,293 shares of the industrial products company’s stock valued at $26,921,000 after purchasing an additional 4,572 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in ScanSource by 9.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 334,560 shares of the industrial products company’s stock valued at $11,894,000 after purchasing an additional 27,703 shares during the period. 96.31% of the stock is currently owned by institutional investors.

ScanSource Company Profile

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. The company's Worldwide Barcode, Networking & Security segment focuses on automatic identification and data capture (AIDC), point-of-sale (POS), networking, electronic physical security, 3D printing, and other specialty technologies.

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