Zacks Investment Research Upgrades ScanSource (SCSC) to Buy

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ScanSource (NASDAQ:SCSC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage presently has a $48.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.07% from the company’s current price.

According to Zacks, “ScanSource, Inc. serves North America as a value-added distributor of specialty technologies, including automatic identification and point-of-sale products, and business telephone products. Serving only the value added reseller, ScanSource is committed to growing specialty technology markets by strengthening and enlarging the value added reseller channel. ScanSource’s commitment to value added resellers includes offering a broad product selection, competitive pricing, fast delivery, technical support, sales training, customer financing and qualified leads. “

Several other brokerages have also commented on SCSC. BidaskClub upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research note on Wednesday, June 20th. ValuEngine upgraded shares of ScanSource from a “sell” rating to a “hold” rating in a research note on Thursday, May 17th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ScanSource presently has a consensus rating of “Buy” and a consensus price target of $45.50.

Shares of SCSC opened at $42.45 on Friday. ScanSource has a 12 month low of $31.40 and a 12 month high of $45.35. The firm has a market cap of $1.05 billion, a PE ratio of 15.44 and a beta of 0.97. The company has a current ratio of 2.09, a quick ratio of 1.20 and a debt-to-equity ratio of 0.32.

In related news, CEO Michael L. Baur sold 4,991 shares of the firm’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $40.00, for a total value of $199,640.00. Following the transaction, the chief executive officer now directly owns 40,691 shares in the company, valued at approximately $1,627,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.35% of the company’s stock.

A number of large investors have recently bought and sold shares of SCSC. Millennium Management LLC grew its stake in ScanSource by 58.4% in the 4th quarter. Millennium Management LLC now owns 61,288 shares of the industrial products company’s stock valued at $2,194,000 after buying an additional 22,605 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in ScanSource in the 4th quarter valued at $435,000. Alps Advisors Inc. acquired a new position in ScanSource in the 1st quarter valued at $565,000. SG Americas Securities LLC acquired a new position in ScanSource in the 1st quarter valued at $127,000. Finally, Mackay Shields LLC acquired a new position in ScanSource in the 1st quarter valued at $2,678,000. Institutional investors and hedge funds own 95.54% of the company’s stock.

About ScanSource

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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