ScanSource (NASDAQ:SCSC) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of ScanSource (NASDAQ:SCSC) from a sell rating to a hold rating in a report released on Tuesday, Zacks.com reports.

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. “

SCSC has been the topic of a number of other reports. Northcoast Research cut ScanSource from a buy rating to a neutral rating in a report on Monday, May 6th. TheStreet cut Trinseo from a b- rating to a c+ rating in a report on Friday, May 17th. BidaskClub upgraded Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Finally, ValuEngine lowered Yext from a strong-buy rating to a buy rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $44.50.

NASDAQ:SCSC opened at $31.68 on Tuesday. ScanSource has a 12 month low of $28.55 and a 12 month high of $44.30. The business’s 50 day moving average price is $31.30. The company has a current ratio of 2.06, a quick ratio of 0.99 and a debt-to-equity ratio of 0.38. The stock has a market cap of $811.17 million, a price-to-earnings ratio of 10.19 and a beta of 0.96.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, May 9th. The industrial products company reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). ScanSource had a net margin of 1.44% and a return on equity of 9.90%. The business had revenue of $893.40 million during the quarter, compared to analyst estimates of $931.63 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company’s revenue was down .2% on a year-over-year basis. Analysts anticipate that ScanSource will post 3.48 earnings per share for the current year.

In other news, Director Michael J. Grainger bought 4,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $30.69 per share, with a total value of $122,760.00. Following the completion of the transaction, the director now directly owns 18,100 shares in the company, valued at $555,489. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.56% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SCSC. Oregon Public Employees Retirement Fund purchased a new position in shares of ScanSource during the fourth quarter worth about $335,000. First Trust Advisors LP purchased a new position in shares of ScanSource during the fourth quarter worth about $1,297,000. PNC Financial Services Group Inc. grew its holdings in shares of ScanSource by 32.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 313 shares in the last quarter. BlackRock Inc. grew its holdings in shares of ScanSource by 3.7% during the fourth quarter. BlackRock Inc. now owns 4,513,605 shares of the industrial products company’s stock worth $155,177,000 after purchasing an additional 162,714 shares in the last quarter. Finally, Texas Permanent School Fund grew its holdings in shares of ScanSource by 4.1% during the fourth quarter. Texas Permanent School Fund now owns 16,758 shares of the industrial products company’s stock worth $576,000 after purchasing an additional 654 shares in the last quarter. 95.99% of the stock is currently owned by institutional investors.

About ScanSource

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

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