ScanSource (NASDAQ:SCSC) Upgraded at Zacks Research

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

SCSC has been the topic of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of ScanSource in a research report on Monday, December 29th. Wall Street Zen cut ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, ScanSource presently has a consensus rating of “Hold” and a consensus target price of $42.50.

ScanSource Price Performance

Shares of ScanSource stock opened at $38.21 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.22 and a current ratio of 1.96. The firm’s 50-day simple moving average is $37.04 and its 200-day simple moving average is $39.87. ScanSource has a twelve month low of $29.89 and a twelve month high of $46.25. The firm has a market cap of $820.75 million, a P/E ratio of 11.72, a price-to-earnings-growth ratio of 0.65 and a beta of 1.25.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, February 5th. The industrial products company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.20). ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The business had revenue of $766.51 million for the quarter, compared to analyst estimates of $782.46 million. During the same quarter last year, the firm posted $0.85 earnings per share. ScanSource’s revenue was up 2.5% on a year-over-year basis. As a group, research analysts expect that ScanSource will post 3.33 EPS for the current fiscal year.

Insider Activity

In other news, Director Charles Alexander Mathis acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were purchased at an average cost of $35.20 per share, with a total value of $211,200.00. Following the completion of the purchase, the director owned 24,793 shares of the company’s stock, valued at $872,713.60. This represents a 31.93% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael L. Baur sold 3,827 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $35.89, for a total transaction of $137,351.03. Following the sale, the chief executive officer directly owned 157,512 shares in the company, valued at $5,653,105.68. This represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.18% of the stock is currently owned by corporate insiders.

Institutional Trading of ScanSource

Several large investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in shares of ScanSource in the second quarter valued at about $25,000. Royal Bank of Canada raised its holdings in shares of ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after buying an additional 1,168 shares during the last quarter. CWM LLC raised its holdings in shares of ScanSource by 159.6% in the third quarter. CWM LLC now owns 1,874 shares of the industrial products company’s stock valued at $82,000 after buying an additional 1,152 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of ScanSource by 400.5% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after buying an additional 1,670 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of ScanSource by 672.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after buying an additional 4,032 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.