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

Wall Street Zen cut shares of ScanSource (NASDAQ:SCSC) from a buy rating to a hold rating in a report published on Saturday morning.

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

ScanSource Stock Performance

SCSC stock opened at $40.82 on Friday. The firm has a market cap of $922.37 million, a price-to-earnings ratio of 16.13, a PEG ratio of 1.14 and a beta of 1.38. The firm has a 50-day simple moving average of $37.11 and a two-hundred day simple moving average of $40.67. ScanSource has a one year low of $28.75 and a one year high of $53.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11.

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

Insider Buying and Selling at ScanSource

In other ScanSource news, CFO Stephen Jones sold 2,000 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $36.14, for a total value of $72,280.00. Following the transaction, the chief financial officer now owns 69,816 shares in the company, valued at approximately $2,523,150.24. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.20% of the stock is currently owned by insiders.

Institutional Trading of ScanSource

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in ScanSource in the 4th quarter valued at about $807,000. Sanctuary Advisors LLC raised its holdings in ScanSource by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company’s stock valued at $479,000 after buying an additional 338 shares during the period. New York State Common Retirement Fund raised its holdings 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 valued at $408,000 after buying an additional 887 shares during the period. Versor Investments LP purchased a new stake in ScanSource in the 4th quarter valued at about $218,000. Finally, Bailard Inc. purchased a new stake in ScanSource in the 4th quarter valued at about $251,000. 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.