ScanSource, Inc. (SCSC) Given Consensus Rating of “Buy” by Brokerages
ScanSource, Inc. (NASDAQ:SCSC) has received an average broker rating score of 2.00 (Buy) from the three brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company.
Brokers have set a twelve-month consensus target price of $44.00 for the company and are forecasting that the company will post $0.66 earnings per share for the current quarter, according to Zacks. Zacks has also given ScanSource an industry rank of 210 out of 265 based on the ratings given to its competitors.
SCSC has been the subject of several research reports. FinTrust Advisors downgraded shares of ScanSource from a “buy” rating to a “hold” rating and upped their price target for the company from $42.20 to $48.50 in a research report on Monday, February 20th. Zacks Investment Research downgraded shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th.
In related news, CEO Michael L. Baur sold 50,000 shares of the company’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $40.21, for a total value of $2,010,500.00. Following the completion of the sale, the chief executive officer now owns 51,572 shares in the company, valued at approximately $2,073,710.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Grainger sold 2,900 shares of the company’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $43.15, for a total transaction of $125,135.00. Following the completion of the sale, the director now owns 10,400 shares of the company’s stock, valued at approximately $448,760. The disclosure for this sale can be found here. 3.03% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in ScanSource by 6.7% in the fourth quarter. FMR LLC now owns 3,304,000 shares of the industrial products company’s stock valued at $133,316,000 after buying an additional 206,983 shares during the period. BlackRock Fund Advisors boosted its position in shares of ScanSource by 7.9% in the third quarter. BlackRock Fund Advisors now owns 1,788,753 shares of the industrial products company’s stock valued at $65,289,000 after buying an additional 130,895 shares in the last quarter. State Street Corp boosted its position in shares of ScanSource by 7.4% in the fourth quarter. State Street Corp now owns 609,459 shares of the industrial products company’s stock valued at $24,594,000 after buying an additional 41,959 shares in the last quarter. Atlanta Capital Management Co. L L C boosted its position in shares of ScanSource by 1.3% in the fourth quarter. Atlanta Capital Management Co. L L C now owns 551,946 shares of the industrial products company’s stock valued at $22,271,000 after buying an additional 7,249 shares in the last quarter. Finally, Lombardia Capital Partners LLC boosted its position in shares of ScanSource by 3.9% in the third quarter. Lombardia Capital Partners LLC now owns 429,869 shares of the industrial products company’s stock valued at $15,690,000 after buying an additional 16,029 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.
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Shares of ScanSource (NASDAQ:SCSC) traded down 0.96% during midday trading on Tuesday, hitting $38.50. 79,773 shares of the stock traded hands. The company has a market cap of $972.20 million, a price-to-earnings ratio of 15.36 and a beta of 1.18. The stock has a 50-day moving average of $39.16 and a 200-day moving average of $38.88. ScanSource has a 52-week low of $29.05 and a 52-week high of $44.95.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, February 7th. The industrial products company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. ScanSource had a net margin of 1.85% and a return on equity of 8.56%. The firm earned $904.80 million during the quarter, compared to the consensus estimate of $962.57 million. During the same quarter in the prior year, the firm earned $0.88 EPS. ScanSource’s revenue for the quarter was down 8.9% on a year-over-year basis. On average, equities analysts predict that ScanSource will post $2.84 earnings per share for the current fiscal year.
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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