ScanSource (NASDAQ:SCSC) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of ScanSource (NASDAQ:SCSC) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

SCSC has been the topic of a number of other reports. Weiss Ratings restated a “hold (c+)” rating on shares of ScanSource in a report on Wednesday, August 26th. Northcoast Research lowered shares of ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Finally, Zacks Research raised ScanSource from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

ScanSource Trading Down 1.2%

Shares of NASDAQ SCSC opened at $61.01 on Friday. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 0.90 and a beta of 1.25. The business’s 50 day moving average price is $56.67 and its 200-day moving average price is $49.10.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The company had revenue of $953.11 million during the quarter, compared to analysts’ expectations of $814.35 million. During the same quarter in the previous year, the business earned $1.02 EPS. ScanSource’s revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts expect that ScanSource will post 4.56 earnings per share for the current year.

Insider Buying and Selling at ScanSource

In other ScanSource news, CEO Michael Baur sold 57,359 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $58.04, for a total transaction of $3,329,116.36. Following the transaction, the chief executive officer directly owned 200,698 shares in the company, valued at $11,648,511.92. This represents a 22.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brandy Ford sold 5,293 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the transaction, the chief accounting officer directly owned 9,907 shares in the company, valued at $568,959.01. This trade represents a 34.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 95,632 shares of company stock valued at $5,484,582 in the last ninety days. 3.18% of the stock is owned by insiders.

Institutional Trading of ScanSource

A number of hedge funds have recently bought and sold shares of the stock. Freestone Grove Partners LP purchased a new position in shares of ScanSource in the 2nd quarter valued at $119,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in ScanSource in the second quarter valued at about $134,000. HighTower Advisors LLC purchased a new position in ScanSource in the second quarter valued at about $246,000. The Manufacturers Life Insurance Company bought a new position in ScanSource in the second quarter worth about $289,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of ScanSource during the second quarter valued at about $317,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.