ScanSource (NASDAQ:SCSC) Lowered to Hold Rating by Wall Street Zen

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

SCSC has been the topic of a number of other research reports. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Zacks Research upgraded ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.00.

ScanSource Price Performance

SCSC stock opened at $54.79 on Friday. The firm has a 50 day simple moving average of $48.46 and a two-hundred day simple moving average of $42.07. The stock has a market cap of $1.11 billion, a PE ratio of 16.60, a P/E/G ratio of 0.85 and a beta of 1.28. ScanSource has a one year low of $33.76 and a one year high of $54.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm had revenue of $758.59 million for the quarter, compared to analysts’ expectations of $738.55 million. During the same quarter last year, the company posted $0.86 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts predict that ScanSource will post 3.9 EPS for the current fiscal year.

Hedge Funds Weigh In On ScanSource

Several institutional investors and hedge funds have recently made changes to their positions in SCSC. Vanguard Group Inc. lifted its stake in ScanSource by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after purchasing an additional 78,993 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after buying an additional 294,624 shares during the last quarter. Pzena Investment Management LLC increased its holdings in shares of ScanSource by 0.6% in the first quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock worth $33,151,000 after buying an additional 5,783 shares during the period. LSV Asset Management increased its holdings in shares of ScanSource by 40.6% in the fourth quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock worth $33,118,000 after buying an additional 244,903 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of ScanSource by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company’s stock valued at $21,960,000 after acquiring an additional 13,318 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

ScanSource Company Profile

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.