ScanSource, Inc. (SCSC) Given Consensus Rating of “Buy” by Brokerages
ScanSource, Inc. (NASDAQ:SCSC) has been assigned an average broker rating score of 2.00 (Buy) from the three brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company.
Brokerages have set a 12-month consensus target price of $44.00 for the company and are forecasting that the company will post $0.66 EPS for the current quarter, according to Zacks. Zacks has also assigned ScanSource an industry rank of 210 out of 265 based on the ratings given to related companies.
A number of analysts recently issued reports on SCSC shares. FinTrust Advisors downgraded shares of ScanSource from a “buy” rating to a “hold” rating and increased their target price for the stock from $42.20 to $48.50 in a research report on Monday, February 20th. Zacks Investment Research downgraded shares of ScanSource from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th.
In other ScanSource news, Director Michael J. Grainger sold 2,900 shares of the stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $43.15, for a total value of $125,135.00. Following the completion of the sale, the director now owns 10,400 shares of the company’s stock, valued at $448,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael L. Baur sold 50,000 shares of the stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $40.21, for a total transaction of $2,010,500.00. Following the completion of the sale, the chief executive officer now directly owns 51,572 shares of the company’s stock, valued at approximately $2,073,710.12. The disclosure for this sale can be found here. 3.03% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of SCSC. State of Alaska Department of Revenue increased its stake in shares of ScanSource by 0.7% in the first quarter. State of Alaska Department of Revenue now owns 2,790 shares of the industrial products company’s stock valued at $109,000 after buying an additional 20 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of ScanSource by 33.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,856 shares of the industrial products company’s stock valued at $156,000 after buying an additional 973 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of ScanSource during the fourth quarter valued at about $174,000. Princeton Alpha Management LP purchased a new stake in shares of ScanSource during the third quarter valued at about $279,000. Finally, Aperio Group LLC increased its stake in shares of ScanSource by 7.4% in the third quarter. Aperio Group LLC now owns 7,819 shares of the industrial products company’s stock valued at $285,000 after buying an additional 539 shares during the period. 98.93% of the stock is owned by institutional investors.
Shares of ScanSource (NASDAQ:SCSC) traded down 0.96% during trading on Tuesday, reaching $38.50. 79,773 shares of the company’s stock were exchanged. The stock has a market capitalization of $972.20 million, a price-to-earnings ratio of 15.36 and a beta of 1.18. ScanSource has a 52 week low of $29.05 and a 52 week high of $44.95. The stock has a 50 day moving average price of $39.16 and a 200-day moving average price of $38.88.
ScanSource (NASDAQ:SCSC) last posted its earnings results on Tuesday, February 7th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The firm earned $904.80 million during the quarter, compared to the consensus estimate of $962.57 million. ScanSource had a net margin of 1.85% and a return on equity of 8.56%. The company’s revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. Analysts predict that ScanSource will post $2.84 earnings per share for the current year.
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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