Zacks Investment Research Upgrades ScanSource, Inc. (SCSC) to “Buy”
ScanSource, Inc. (NASDAQ:SCSC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $43.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 9.28% from the company’s current price.
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. “
A number of other brokerages have also issued reports on SCSC. ValuEngine raised ScanSource from a “hold” rating to a “buy” rating in a research report on Friday. BidaskClub lowered ScanSource from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. ScanSource presently has an average rating of “Hold” and a consensus target price of $45.75.
ScanSource (NASDAQ SCSC) opened at 39.25 on Friday. The company has a 50-day moving average price of $38.96 and a 200-day moving average price of $39.38. ScanSource has a 12-month low of $29.05 and a 12-month high of $44.95. The firm has a market cap of $998.17 million, a P/E ratio of 14.48 and a beta of 1.16.
ScanSource (NASDAQ:SCSC) last announced its earnings results on Tuesday, August 29th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.68. ScanSource had a return on equity of 8.76% and a net margin of 1.94%. The business had revenue of $917.30 million for the quarter, compared to analyst estimates of $894.17 million. During the same quarter last year, the firm earned $0.51 EPS. ScanSource’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, analysts predict that ScanSource will post $3.03 earnings per share for the current year.
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In other ScanSource news, Director Steven R. Fischer sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $40.19, for a total transaction of $200,950.00. Following the transaction, the director now owns 20,867 shares of the company’s stock, valued at approximately $838,644.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.03% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its position in ScanSource by 0.7% in the first quarter. State of Alaska Department of Revenue now owns 2,790 shares of the industrial products company’s stock worth $109,000 after buying an additional 20 shares during the last quarter. Victory Capital Management Inc. raised its position in ScanSource by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,974 shares of the industrial products company’s stock worth $120,000 after buying an additional 446 shares during the last quarter. SG Americas Securities LLC raised its position in ScanSource by 0.3% in the first quarter. SG Americas Securities LLC now owns 4,259 shares of the industrial products company’s stock worth $167,000 after buying an additional 14 shares during the last quarter. CHICAGO TRUST Co NA acquired a new position in ScanSource during the second quarter worth $218,000. Finally, Piedmont Investment Advisors LLC acquired a new position in ScanSource during the second quarter worth $221,000. 94.11% of the stock is currently owned by institutional investors and hedge funds.
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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