Zacks Investment Research Lowers ScanSource, Inc. (SCSC) to Sell
Zacks Investment Research downgraded shares of ScanSource, Inc. (NASDAQ:SCSC) from a hold rating to a sell rating in a research note released on Thursday.
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 analysts have also recently commented on SCSC. ValuEngine cut ScanSource from a buy rating to a hold rating in a research report on Tuesday, November 7th. BidaskClub cut ScanSource from a sell rating to a strong sell rating in a research report on Tuesday, August 8th. Finally, Northcoast Research cut ScanSource from a buy rating to a neutral rating in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. ScanSource currently has a consensus rating of Hold and an average target price of $45.75.
Shares of ScanSource (SCSC) traded down $1.60 on Thursday, reaching $37.25. The company’s stock had a trading volume of 60,700 shares, compared to its average volume of 66,354. ScanSource has a 12 month low of $34.10 and a 12 month high of $45.35. The company has a current ratio of 1.94, a quick ratio of 1.14 and a debt-to-equity ratio of 0.33. The firm has a market cap of $949.54, a PE ratio of 13.12, a P/E/G ratio of 4.17 and a beta of 1.11.
ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.76 EPS for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.02). ScanSource had a return on equity of 8.78% and a net margin of 1.65%. The firm had revenue of $924.56 million for the quarter, compared to analyst estimates of $966.20 million. During the same period in the prior year, the firm posted $0.68 EPS. The business’s revenue was down .9% compared to the same quarter last year. equities research analysts predict that ScanSource will post 2.98 EPS for the current fiscal year.
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In other news, CEO Michael L. Baur sold 44,565 shares of the business’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $44.16, for a total value of $1,967,990.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Reilly sold 4,023 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $41.00, for a total value of $164,943.00. Following the completion of the transaction, the director now directly owns 16,900 shares of the company’s stock, valued at approximately $692,900. The disclosure for this sale can be found here. In the last three months, insiders sold 90,397 shares of company stock valued at $3,959,574. Insiders own 2.35% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of ScanSource by 32.5% in the 3rd quarter. Wells Fargo & Company MN now owns 39,688 shares of the industrial products company’s stock valued at $1,733,000 after buying an additional 9,726 shares during the period. Citadel Advisors LLC lifted its holdings in shares of ScanSource by 51.4% in the 3rd quarter. Citadel Advisors LLC now owns 55,659 shares of the industrial products company’s stock valued at $2,430,000 after buying an additional 18,890 shares during the period. SG Americas Securities LLC lifted its holdings in shares of ScanSource by 26.5% in the 3rd quarter. SG Americas Securities LLC now owns 6,030 shares of the industrial products company’s stock valued at $263,000 after buying an additional 1,262 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of ScanSource by 17.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 66,732 shares of the industrial products company’s stock valued at $2,912,000 after buying an additional 10,002 shares during the period. Finally, Capital Management Associates NY purchased a new position in shares of ScanSource in the 3rd quarter valued at about $415,000. 93.43% of the stock is 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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