ScanSource (NASDAQ:SCSC) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of ScanSource (NASDAQ:SCSCGet Rating) from a buy rating to a hold rating in a report issued on Tuesday morning.

ScanSource Stock Performance

SCSC stock opened at $28.02 on Tuesday. The company has a market cap of $705.74 million, a P/E ratio of 8.12 and a beta of 1.44. ScanSource has a 1 year low of $27.00 and a 1 year high of $41.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.87 and a quick ratio of 1.12. The stock’s fifty day moving average price is $31.00 and its 200-day moving average price is $33.37.

ScanSource (NASDAQ:SCSCGet Rating) last released its quarterly earnings results on Tuesday, August 23rd. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.06). ScanSource had a return on equity of 13.06% and a net margin of 2.52%. During the same period in the previous year, the company earned $0.96 earnings per share. On average, equities analysts forecast that ScanSource will post 4.28 earnings per share for the current year.

Hedge Funds Weigh In On ScanSource

Several institutional investors and hedge funds have recently bought and sold shares of SCSC. Pinebridge Investments L.P. lifted its position in ScanSource by 305.0% during the second quarter. Pinebridge Investments L.P. now owns 810 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 610 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in ScanSource during the second quarter valued at $27,000. Steward Partners Investment Advisory LLC purchased a new position in ScanSource during the first quarter valued at $45,000. Advisor Group Holdings Inc. lifted its position in ScanSource by 153.8% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,594 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 966 shares in the last quarter. Finally, Dixon Hughes Goodman Wealth Advisors LLC bought a new stake in ScanSource during the first quarter valued at about $94,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

About ScanSource

(Get Rating)

ScanSource, Inc distributes technology products and solutions in the United States, Canada, and internationally. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions 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.

Further Reading

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