ScanSource (NASDAQ:SCSC) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of ScanSource (NASDAQ:SCSC) from a buy rating to a hold rating in a research report released on Saturday.

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

ScanSource Price Performance

Shares of NASDAQ SCSC opened at $40.82 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. ScanSource has a twelve month low of $28.75 and a twelve month high of $53.90. The stock has a 50 day moving average of $37.11 and a two-hundred day moving average of $40.67. The stock has a market cap of $922.37 million, a P/E ratio of 16.13, a P/E/G ratio of 1.14 and a beta of 1.38.

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

Insider Buying and Selling at ScanSource

In related news, CFO Stephen Jones sold 2,000 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $36.14, for a total transaction of $72,280.00. Following the sale, the chief financial officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of ScanSource

A number of large investors have recently made changes to their positions in SCSC. Allspring Global Investments Holdings LLC acquired a new stake in shares of ScanSource during the fourth quarter valued at $807,000. Sanctuary Advisors LLC boosted its stake in ScanSource by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company’s stock worth $479,000 after buying an additional 338 shares during the last quarter. New York State Common Retirement Fund boosted its stake in ScanSource by 11.5% in the 4th quarter. New York State Common Retirement Fund now owns 8,596 shares of the industrial products company’s stock worth $408,000 after buying an additional 887 shares during the last quarter. Versor Investments LP acquired a new stake in ScanSource in the 4th quarter worth about $218,000. Finally, Bailard Inc. acquired a new stake in ScanSource in the 4th quarter worth about $251,000. 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.