Zacks: Brokerages Expect ScanSource, Inc. (SCSC) Will Post Quarterly Sales of $970.70 Million
Wall Street brokerages predict that ScanSource, Inc. (NASDAQ:SCSC) will announce sales of $970.70 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for ScanSource’s earnings, with estimates ranging from $969.10 million to $972.30 million. ScanSource reported sales of $932.57 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.1%. The business is expected to report its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that ScanSource will report full year sales of $970.70 million for the current fiscal year, with estimates ranging from $3.71 billion to $3.80 billion. For the next fiscal year, analysts expect that the company will post sales of $3.87 billion per share, with estimates ranging from $3.81 billion to $3.93 billion. Zacks’ sales averages are an average based on a survey of research firms that cover ScanSource.
ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.68. The firm had revenue of $917.30 million for the quarter, compared to the consensus estimate of $894.17 million. ScanSource had a net margin of 1.94% and a return on equity of 8.76%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS.
SCSC has been the subject of several analyst reports. ValuEngine upgraded ScanSource from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub downgraded ScanSource from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Zacks Investment Research upgraded ScanSource from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. ScanSource currently has a consensus rating of “Hold” and an average target price of $45.75.
ScanSource (SCSC) traded up 1.74% during trading on Tuesday, reaching $40.85. 10,357 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $38.21 and a 200-day moving average of $39.00. ScanSource has a 12 month low of $29.05 and a 12 month high of $44.95. The stock has a market cap of $1.04 billion, a PE ratio of 15.07 and a beta of 1.15.
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In other news, Director John Patrick Reilly sold 5,000 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $40.70, for a total transaction of $203,500.00. Following the completion of the transaction, the director now directly owns 16,900 shares in the company, valued at $687,830. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 9,076 shares of company stock valued at $370,590 over the last 90 days. Corporate insiders own 3.03% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its holdings in ScanSource by 17.6% in the 2nd 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 in the last quarter. SG Americas Securities LLC increased its holdings in ScanSource by 0.3% in the 1st 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 in the last quarter. State of Alaska Department of Revenue increased its holdings in ScanSource by 79.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,996 shares of the industrial products company’s stock worth $201,000 after buying an additional 2,206 shares in the last quarter. CHICAGO TRUST Co NA bought a new stake in ScanSource in the 2nd quarter worth about $218,000. Finally, Piedmont Investment Advisors LLC bought a new stake in ScanSource in the 2nd quarter worth about $221,000. Institutional investors own 93.98% of the company’s stock.
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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