ScanSource (NASDAQ:SCSC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday, Zacks.com reports. The brokerage presently has a $42.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.41% from the company’s previous close.
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. “
Separately, StockNews.com upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a report on Friday, April 15th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ScanSource presently has an average rating of “Buy” and a consensus target price of $43.00.
ScanSource (NASDAQ:SCSC – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The industrial products company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.37. The business had revenue of $846.00 million during the quarter, compared to analyst estimates of $764.20 million. ScanSource had a net margin of 2.71% and a return on equity of 13.81%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the business earned $0.71 EPS. As a group, research analysts anticipate that ScanSource will post 3.48 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in ScanSource by 68.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 944 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 385 shares during the last quarter. Comerica Bank grew its position in shares of ScanSource by 2.1% during the 1st quarter. Comerica Bank now owns 22,349 shares of the industrial products company’s stock worth $779,000 after buying an additional 455 shares during the period. Yousif Capital Management LLC grew its position in ScanSource by 2.0% in the 1st quarter. Yousif Capital Management LLC now owns 23,675 shares of the industrial products company’s stock valued at $824,000 after purchasing an additional 455 shares during the period. State of Tennessee Treasury Department grew its position in ScanSource by 2.5% in the 1st quarter. State of Tennessee Treasury Department now owns 19,142 shares of the industrial products company’s stock valued at $666,000 after purchasing an additional 461 shares during the period. Finally, Guggenheim Capital LLC grew its position in ScanSource by 6.1% in the 4th quarter. Guggenheim Capital LLC now owns 8,330 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 476 shares during the period. Hedge funds and other institutional investors own 95.98% of the company’s stock.
ScanSource Company Profile (Get Rating)
ScanSource, Inc distributes technology products and solutions in the United States, Canada, and internationally. It operates in two segments, Worldwide Barcode, Networking & Security; and Worldwide Communications & Services. The Worldwide Barcode, Networking & Security segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.
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