ScanSource (NASDAQ:SCSC) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of ScanSource (NASDAQ:SCSC) from a sell rating to a hold rating in a research report sent to investors on Tuesday, 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. “

Several other equities research analysts have also commented on SCSC. Northcoast Research lowered shares of ScanSource from a buy rating to a neutral rating in a report on Monday, May 6th. BidaskClub raised shares of ScanSource from a sell rating to a hold rating in a report on Friday, July 26th. ValuEngine lowered shares of ScanSource from a hold rating to a sell rating in a report on Friday, May 10th. Finally, TheStreet lowered shares of ScanSource from a b- rating to a c+ rating in a report on Friday, May 17th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $39.00.

NASDAQ SCSC opened at $29.81 on Tuesday. ScanSource has a 1 year low of $28.40 and a 1 year high of $44.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.11 and a quick ratio of 0.99. The company has a market cap of $774.67 million, a price-to-earnings ratio of 8.97 and a beta of 0.95. The stock’s fifty day moving average price is $32.11 and its 200 day moving average price is $34.53.

ScanSource (NASDAQ:SCSC) last posted its quarterly earnings results on Tuesday, August 20th. The industrial products company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.12). ScanSource had a net margin of 1.49% and a return on equity of 9.60%. The business had revenue of $960.80 million during the quarter, compared to analysts’ expectations of $999.63 million. During the same period in the previous year, the company posted $0.77 earnings per share. ScanSource’s revenue for the quarter was down 3.3% compared to the same quarter last year. Research analysts expect that ScanSource will post 3.03 earnings per share for the current year.

A number of large investors have recently bought and sold shares of SCSC. Mason Street Advisors LLC boosted its stake in shares of ScanSource by 3.8% during the 1st quarter. Mason Street Advisors LLC now owns 8,254 shares of the industrial products company’s stock worth $296,000 after acquiring an additional 301 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of ScanSource by 74.9% during the 2nd quarter. Advisor Group Inc. now owns 782 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 335 shares in the last quarter. Piedmont Investment Advisors Inc. boosted its stake in shares of ScanSource by 5.9% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 6,447 shares of the industrial products company’s stock worth $231,000 after acquiring an additional 361 shares in the last quarter. Strs Ohio boosted its stake in shares of ScanSource by 2.4% during the 1st quarter. Strs Ohio now owns 21,200 shares of the industrial products company’s stock worth $759,000 after acquiring an additional 500 shares in the last quarter. Finally, Comerica Bank boosted its stake in shares of ScanSource by 2.6% during the 1st quarter. Comerica Bank now owns 25,413 shares of the industrial products company’s stock worth $977,000 after acquiring an additional 636 shares in the last quarter. 93.03% of the stock is currently owned by 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).

Further Reading: Return on Equity (ROE)

Get a free copy of the Zacks research report on ScanSource (SCSC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for ScanSource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ScanSource and related companies with MarketBeat.com's FREE daily email newsletter.