ScanSource, Inc. (NASDAQ:SCSC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, November 9th.
According to Zacks, “ScanSource, Inc. serves North America as a value-added distributor of specialty technologies, including automatic identification and point-of-sale products, and business telephone products. Serving only the value added reseller, ScanSource is committed to growing specialty technology markets by strengthening and enlarging the value added reseller channel. ScanSource’s commitment to value added resellers includes offering a broad product selection, competitive pricing, fast delivery, technical support, sales training, customer financing and qualified leads. “
Several other brokerages also recently issued reports on SCSC. ValuEngine raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub cut shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Northcoast Research cut shares of ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $45.75.
ScanSource (NASDAQ:SCSC) opened at $35.75 on Thursday. The company has a market cap of $902.38, a PE ratio of 12.47, a PEG ratio of 3.96 and a beta of 1.11. ScanSource has a 1-year low of $34.45 and a 1-year high of $45.35. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.33.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Monday, November 6th. The industrial products company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.02). ScanSource had a return on equity of 8.78% and a net margin of 1.65%. The business had revenue of $924.56 million for the quarter, compared to the consensus estimate of $966.20 million. During the same period in the previous year, the business posted $0.68 earnings per share. ScanSource’s revenue was down .9% on a year-over-year basis. research analysts anticipate that ScanSource will post 2.98 earnings per share for the current fiscal year.
In other news, Director John Patrick Reilly sold 5,000 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $40.70, for a total value of $203,500.00. Following the sale, the director now owns 16,900 shares of the company’s stock, valued at $687,830. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael L. Baur sold 17,621 shares of the business’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $44.32, for a total transaction of $780,962.72. Following the transaction, the chief executive officer now owns 35,209 shares in the company, valued at $1,560,462.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,397 shares of company stock worth $3,959,574. Insiders own 2.35% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Teachers Advisors LLC raised its holdings in ScanSource by 2.4% in the 1st quarter. Teachers Advisors LLC now owns 58,605 shares of the industrial products company’s stock valued at $2,300,000 after buying an additional 1,368 shares during the last quarter. California Public Employees Retirement System increased its position in ScanSource by 2.1% during the 1st quarter. California Public Employees Retirement System now owns 89,600 shares of the industrial products company’s stock valued at $3,517,000 after purchasing an additional 1,800 shares during the period. Vanguard Group Inc. increased its position in ScanSource by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 2,299,971 shares of the industrial products company’s stock valued at $90,273,000 after purchasing an additional 109,814 shares during the period. Geode Capital Management LLC increased its position in ScanSource by 8.0% during the 1st quarter. Geode Capital Management LLC now owns 400,568 shares of the industrial products company’s stock valued at $15,722,000 after purchasing an additional 29,524 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of ScanSource during the 1st quarter worth approximately $2,599,000. 93.38% of the stock is owned by hedge funds and other institutional investors.
ScanSource Company Profile
ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.
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