ScanSource (NASDAQ:SCSC) Upgraded by Wall Street Zen to Buy Rating

ScanSource (NASDAQ:SCSC) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Separately, Northcoast Research upgraded ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, May 6th.

ScanSource Trading Down 1.5%

Shares of SCSC opened at $41.40 on Friday. The stock has a fifty day moving average price of $40.79 and a two-hundred day moving average price of $39.58. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.32 and a current ratio of 2.07. ScanSource has a 52-week low of $28.75 and a 52-week high of $53.90. The company has a market cap of $935.64 million, a price-to-earnings ratio of 14.95, a PEG ratio of 1.14 and a beta of 1.38.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. The company had revenue of $704.23 million during the quarter, compared to the consensus estimate of $809.17 million. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. Analysts predict that ScanSource will post 3.33 EPS for the current fiscal year.

Insider Transactions at ScanSource

In related news, EVP Rachel Hayden sold 6,738 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $41.27, for a total transaction of $278,077.26. Following the completion of the transaction, the executive vice president directly owned 13,174 shares in the company, valued at approximately $543,690.98. This trade represents a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC increased its stake in shares of ScanSource by 6.1% during the second quarter. Exchange Traded Concepts LLC now owns 30,526 shares of the industrial products company’s stock worth $1,276,000 after purchasing an additional 1,753 shares during the period. Voya Investment Management LLC grew its position in ScanSource by 46.0% during the first quarter. Voya Investment Management LLC now owns 40,023 shares of the industrial products company’s stock worth $1,361,000 after buying an additional 12,603 shares in the last quarter. First Hawaiian Bank grew its position in ScanSource by 139.9% during the first quarter. First Hawaiian Bank now owns 14,123 shares of the industrial products company’s stock worth $480,000 after buying an additional 8,235 shares in the last quarter. Inspire Investing LLC grew its position in ScanSource by 20.1% during the first quarter. Inspire Investing LLC now owns 10,116 shares of the industrial products company’s stock worth $344,000 after buying an additional 1,692 shares in the last quarter. Finally, Strs Ohio acquired a new stake in ScanSource during the first quarter worth approximately $558,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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.