ScanSource, Inc. (SCSC) Given Consensus Rating of “Buy” by Brokerages
ScanSource, Inc. (NASDAQ:SCSC) has been given a consensus 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 recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company.
Analysts have set a 12-month consensus price objective of $44.00 for the company and are predicting that the company will post $0.66 EPS for the current quarter, according to Zacks. Zacks has also given ScanSource an industry rank of 191 out of 265 based on the ratings given to its competitors.
Several research firms have recently commented on SCSC. Zacks Investment Research raised shares of ScanSource from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Saturday. FinTrust Advisors downgraded shares of ScanSource from a “buy” rating to a “hold” rating and upped their price objective for the company from $42.20 to $48.50 in a report on Monday, February 20th.
Shares of ScanSource (NASDAQ:SCSC) traded up 0.99% during midday trading on Friday, reaching $40.80. 93,974 shares of the company traded hands. The company has a market capitalization of $1.03 billion, a PE ratio of 16.27 and a beta of 1.18. The company has a 50 day moving average price of $39.00 and a 200 day moving average price of $39.10. ScanSource has a 1-year low of $29.05 and a 1-year high of $44.95.
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In related news, Director Michael J. Grainger sold 2,900 shares of the stock in a transaction on Friday, February 17th. The shares were sold at an average price of $43.15, for a total transaction of $125,135.00. Following the sale, the director now directly owns 10,400 shares of the company’s stock, valued at $448,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael L. Baur sold 50,000 shares of the stock in a transaction on Friday, March 17th. The stock was sold at an average price of $40.21, for a total transaction of $2,010,500.00. Following the sale, the chief executive officer now directly owns 51,572 shares in the company, valued at $2,073,710.12. The disclosure for this sale can be found here. 3.03% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. 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 worth $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 worth $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 worth about $174,000. Princeton Alpha Management LP purchased a new stake in shares of ScanSource during the third quarter worth 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 worth $285,000 after buying an additional 539 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.
ScanSource Company Profile
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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