Raymond James Lowers ScanSource (NASDAQ:SCSC) Price Target to $36.00

ScanSource (NASDAQ:SCSC) had its price objective cut by investment analysts at Raymond James from $44.00 to $36.00 in a research note issued on Wednesday, MarketBeat.com reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Raymond James’ price objective points to a potential upside of 17.07% from the stock’s current price.

SCSC has been the topic of several other research reports. Northcoast Research lowered ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, May 6th. BidaskClub raised ScanSource from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. TheStreet lowered ScanSource from a “b-” rating to a “c+” rating in a research note on Friday, May 17th. ValuEngine lowered ScanSource from a “hold” rating to a “sell” rating in a research note on Friday, May 10th. Finally, Zacks Investment Research raised ScanSource from a “sell” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $39.00.

Shares of ScanSource stock opened at $30.75 on Wednesday. ScanSource has a 52 week low of $28.40 and a 52 week high of $44.30. The business’s fifty day simple moving average is $32.16 and its 200-day simple moving average is $34.57. The firm has a market cap of $818.11 million, a PE ratio of 9.15 and a beta of 0.95. The company has a quick ratio of 0.99, a current ratio of 2.06 and a debt-to-equity ratio of 0.38.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Tuesday, August 20th. The industrial products company reported $0.71 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.12). ScanSource had a net margin of 1.44% and a return on equity of 9.90%. The business had revenue of $960.80 million during the quarter, compared to analyst estimates of $999.63 million. During the same period last year, the company earned $0.77 EPS. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, equities analysts expect that ScanSource will post 3.67 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of SCSC. Norges Bank acquired a new position in ScanSource during the 4th quarter worth about $18,911,000. Victory Capital Management Inc. lifted its stake in ScanSource by 842.6% during the 2nd quarter. Victory Capital Management Inc. now owns 454,678 shares of the industrial products company’s stock worth $14,804,000 after acquiring an additional 406,441 shares in the last quarter. Pzena Investment Management LLC lifted its stake in ScanSource by 14.8% during the 2nd quarter. Pzena Investment Management LLC now owns 1,245,448 shares of the industrial products company’s stock worth $40,552,000 after acquiring an additional 160,303 shares in the last quarter. BlackRock Inc. lifted its stake in ScanSource by 2.7% during the 2nd quarter. BlackRock Inc. now owns 4,825,357 shares of the industrial products company’s stock worth $157,114,000 after acquiring an additional 126,831 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in ScanSource by 120.6% during 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 acquiring an additional 100,975 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

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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