ScanSource (NASDAQ:SCSC) Upgraded at Northcoast Research

Northcoast Research upgraded shares of ScanSource (NASDAQ:SCSC) from a neutral rating to a buy rating in a report published on Tuesday, Marketbeat reports. They currently have $42.00 price objective on the industrial products company’s stock.

ScanSource Trading Up 6.3 %

NASDAQ SCSC opened at $38.39 on Tuesday. The firm’s 50 day moving average price is $33.88 and its two-hundred day moving average price is $42.18. The stock has a market cap of $900.78 million, a price-to-earnings ratio of 15.17, a PEG ratio of 1.14 and a beta of 1.30. ScanSource has a twelve month low of $28.75 and a twelve month high of $53.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. ScanSource had a return on equity of 8.55% and a net margin of 2.08%. The firm had revenue of $704.23 million for the quarter, compared to analyst estimates of $809.17 million. During the same period in the previous year, the firm earned $0.69 earnings per share. ScanSource’s quarterly revenue was down 6.3% on a year-over-year basis. Equities analysts anticipate that ScanSource will post 3.33 EPS for the current year.

Insider Activity at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 1,994 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $38.00, for a total value of $75,772.00. Following the transaction, the chief executive officer now owns 142,760 shares in the company, valued at $5,424,880. The trade was a 1.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Stephen Jones sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $36.14, for a total value of $72,280.00. Following the sale, the chief financial officer now directly owns 69,816 shares of the company’s stock, valued at $2,523,150.24. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SCSC. Jefferies Financial Group Inc. acquired a new stake in shares of ScanSource in the 1st quarter valued at $326,000. XTX Topco Ltd bought a new position in ScanSource during the first quarter valued at about $334,000. GSA Capital Partners LLP raised its stake in shares of ScanSource by 247.4% in the first quarter. GSA Capital Partners LLP now owns 24,517 shares of the industrial products company’s stock valued at $834,000 after purchasing an additional 17,460 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in ScanSource by 414.4% in the 1st quarter. Picton Mahoney Asset Management now owns 11,553 shares of the industrial products company’s stock valued at $392,000 after buying an additional 9,307 shares during the period. Finally, Mackenzie Financial Corp raised its position in ScanSource by 1.7% in the first quarter. Mackenzie Financial Corp now owns 56,642 shares of the industrial products company’s stock worth $1,926,000 after purchasing an additional 950 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Company Profile

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. 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.