ScanSource (NASDAQ:SCSC) Price Target Raised to $51.00

ScanSource (NASDAQ:SCSC) had its price target upped by Barclays from $43.00 to $51.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the industrial products company’s stock.

A number of other research analysts have also recently commented on SCSC. Wall Street Zen cut ScanSource from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 3rd. Weiss Ratings raised ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Zacks Research raised ScanSource from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. Finally, Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

ScanSource Stock Performance

Shares of SCSC opened at $60.56 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. ScanSource has a one year low of $33.76 and a one year high of $66.78. The company has a 50-day simple moving average of $57.13 and a two-hundred day simple moving average of $50.32. The firm has a market capitalization of $1.22 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 0.91 and a beta of 1.25.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%. The business had revenue of $953.11 million for the quarter, compared to analysts’ expectations of $814.35 million. During the same period in the previous year, the firm posted $1.02 EPS. The business’s revenue was up 17.3% on a year-over-year basis. On average, analysts anticipate that ScanSource will post 4.56 EPS for the current fiscal year.

Insider Buying and Selling at ScanSource

In related news, CEO Michael Baur sold 57,359 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $58.04, for a total transaction of $3,329,116.36. Following the sale, the chief executive officer owned 200,698 shares of the company’s stock, valued at $11,648,511.92. The trade was a 22.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles Mathis sold 3,000 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $58.00, for a total transaction of $174,000.00. Following the completion of the sale, the director owned 25,027 shares in the company, valued at approximately $1,451,566. This trade represents a 10.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 95,632 shares of company stock worth $5,484,582. Insiders own 3.18% of the company’s stock.

Institutional Trading of ScanSource

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in ScanSource during the 1st quarter valued at approximately $766,000. Hsbc Holdings PLC raised its stake in ScanSource by 160.3% during the second quarter. Hsbc Holdings PLC now owns 36,881 shares of the industrial products company’s stock valued at $1,933,000 after buying an additional 22,715 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in ScanSource during the second quarter valued at $1,183,000. Legal & General Group Plc bought a new stake in ScanSource in the second quarter worth $2,319,000. Finally, Pzena Investment Management LLC bought a new stake in ScanSource in the second quarter worth $57,807,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.