ScanSource (SCSC) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of ScanSource (NASDAQ:SCSC) from a hold rating to a sell rating in a research report released on Thursday, Zacks.com reports.

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 commented on the company. Northcoast Research lowered ScanSource from a buy rating to a neutral rating in a report on Monday, May 6th. BidaskClub raised ScanSource from a sell rating to a hold rating in a report on Friday, April 5th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. ScanSource currently has a consensus rating of Hold and an average price target of $44.50.

SCSC stock opened at $31.92 on Thursday. ScanSource has a twelve month low of $31.76 and a twelve month high of $44.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.03 and a quick ratio of 1.07. The company has a market cap of $907.81 million, a P/E ratio of 10.26 and a beta of 0.72.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings data on Thursday, May 9th. The industrial products company reported $0.77 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.01). The company had revenue of $893.40 million for the quarter, compared to the consensus estimate of $931.63 million. ScanSource had a net margin of 1.44% and a return on equity of 9.98%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business earned $0.68 EPS. Equities research analysts forecast that ScanSource will post 3.54 earnings per share for the current fiscal year.

In other ScanSource news, CEO Michael L. Baur sold 10,604 shares of ScanSource stock in a transaction on Monday, March 11th. The stock was sold at an average price of $37.38, for a total value of $396,377.52. Following the completion of the sale, the chief executive officer now owns 47,678 shares of the company’s stock, valued at approximately $1,782,203.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.56% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of SCSC. Norges Bank bought a new stake in shares of ScanSource in the 4th quarter worth $18,911,000. BlackRock Inc. boosted its stake in shares of ScanSource by 4.1% in the 1st quarter. BlackRock Inc. now owns 4,698,526 shares of the industrial products company’s stock worth $168,301,000 after buying an additional 184,921 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of ScanSource by 120.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 184,704 shares of the industrial products company’s stock worth $6,616,000 after buying an additional 100,975 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of ScanSource by 45.0% in the 4th quarter. Prudential Financial Inc. now owns 292,226 shares of the industrial products company’s stock worth $10,046,000 after buying an additional 90,639 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its stake in shares of ScanSource by 49.6% in the 4th quarter. Peregrine Capital Management LLC now owns 246,111 shares of the industrial products company’s stock worth $8,461,000 after buying an additional 81,583 shares during the last quarter. 97.89% of the stock is owned by institutional investors and hedge funds.

ScanSource Company Profile

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

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