Raymond James Boosts ScanSource (SCSC) Price Target to $47.00

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ScanSource (NASDAQ:SCSC) had its target price upped by research analysts at Raymond James from $44.00 to $47.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “buy” rating on the industrial products company’s stock. Raymond James’ price objective would suggest a potential upside of 24.83% from the company’s current price.

Several other research firms also recently weighed in on SCSC. Zacks Investment Research upgraded shares of ScanSource from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Saturday, August 18th. BidaskClub upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, August 18th. Finally, ValuEngine upgraded shares of ScanSource from a “sell” rating to a “hold” rating in a research report on Thursday, May 17th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. ScanSource presently has a consensus rating of “Buy” and an average target price of $46.00.

SCSC opened at $37.65 on Wednesday. ScanSource has a twelve month low of $31.40 and a twelve month high of $45.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.09 and a quick ratio of 1.20. The stock has a market cap of $1.09 billion, a P/E ratio of 12.11 and a beta of 0.97.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, August 28th. The industrial products company reported $0.77 earnings per share for the quarter, hitting the consensus estimate of $0.77. ScanSource had a net margin of 1.11% and a return on equity of 9.01%. The firm had revenue of $993.90 million during the quarter, compared to the consensus estimate of $974.20 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. sell-side analysts expect that ScanSource will post 3.61 earnings per share for the current fiscal year.

In other ScanSource news, CEO Michael L. Baur sold 13,747 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $44.00, for a total value of $604,868.00. Following the completion of the sale, the chief executive officer now owns 49,446 shares in the company, valued at approximately $2,175,624. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Gerald Lyons sold 600 shares of the stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $44.00, for a total transaction of $26,400.00. Following the completion of the sale, the chief financial officer now owns 12,937 shares of the company’s stock, valued at approximately $569,228. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,338 shares of company stock valued at $830,908. 2.35% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in ScanSource by 12.8% in the 2nd quarter. BlackRock Inc. now owns 4,127,282 shares of the industrial products company’s stock valued at $166,329,000 after acquiring an additional 469,872 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in ScanSource by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,159,164 shares of the industrial products company’s stock valued at $76,758,000 after acquiring an additional 13,713 shares during the last quarter. Northern Trust Corp raised its holdings in ScanSource by 0.6% in the 1st quarter. Northern Trust Corp now owns 757,293 shares of the industrial products company’s stock valued at $26,921,000 after acquiring an additional 4,572 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in ScanSource by 12.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 376,540 shares of the industrial products company’s stock valued at $15,175,000 after acquiring an additional 41,980 shares during the last quarter. Finally, Summit Trail Advisors LLC raised its holdings in ScanSource by 2,721.3% in the 1st quarter. Summit Trail Advisors LLC now owns 199,836 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 192,753 shares during the last quarter. Institutional investors own 94.03% 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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