Wall Street Zen Downgrades ScanSource (NASDAQ:SCSC) to Hold

ScanSource (NASDAQ:SCSC) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other research analysts have also issued research reports about the company. Zacks Research raised ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, ScanSource presently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Stock Performance

NASDAQ:SCSC opened at $54.79 on Friday. ScanSource has a 1 year low of $33.76 and a 1 year high of $54.92. The stock’s fifty day moving average price is $48.46 and its two-hundred day moving average price is $42.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The company has a market cap of $1.11 billion, a P/E ratio of 16.60, a P/E/G ratio of 0.85 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $758.59 million during the quarter, compared to analysts’ expectations of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.86 earnings per share. As a group, analysts expect that ScanSource will post 3.9 EPS for the current year.

Institutional Investors Weigh In On ScanSource

Several large investors have recently added to or reduced their stakes in SCSC. Wedge Capital Management L L P NC increased its stake in ScanSource by 2.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock worth $3,812,000 after acquiring an additional 1,963 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of ScanSource during the second quarter worth about $350,000. Pacer Advisors Inc. increased its position in shares of ScanSource by 69.7% in the first quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock worth $4,748,000 after purchasing an additional 53,702 shares during the last quarter. California State Teachers Retirement System increased its position in shares of ScanSource by 25.5% in the first quarter. California State Teachers Retirement System now owns 26,381 shares of the industrial products company’s stock worth $958,000 after purchasing an additional 5,363 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in ScanSource by 10.1% in the first quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company’s stock valued at $4,664,000 after purchasing an additional 11,767 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.