ScanSource (NASDAQ:SCSC) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of ScanSource (NASDAQ:SCSC) from a buy rating to a hold rating in a report released on Saturday.

Several other analysts have also recently weighed in on SCSC. Weiss Ratings reissued a “hold (c)” rating on shares of ScanSource in a research note on Monday, December 29th. Barclays started coverage on shares of ScanSource in a research note on Tuesday, October 7th. They set an “equal weight” rating and a $43.00 target price for the company. Finally, Zacks Research cut shares of ScanSource from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.50.

ScanSource Trading Down 1.7%

Shares of ScanSource stock opened at $41.31 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.16 and a quick ratio of 1.32. The stock’s 50 day simple moving average is $40.56 and its 200-day simple moving average is $41.79. The stock has a market cap of $906.34 million, a P/E ratio of 12.87, a P/E/G ratio of 0.67 and a beta of 1.29. ScanSource has a 1-year low of $28.75 and a 1-year high of $52.06.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, November 6th. The industrial products company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.15. The firm had revenue of $739.65 million for the quarter, compared to the consensus estimate of $787.37 million. ScanSource had a return on equity of 9.72% and a net margin of 2.48%.The firm’s revenue was down 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. Analysts predict that ScanSource will post 3.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael L. Baur sold 9,459 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $41.42, for a total value of $391,791.78. Following the sale, the chief executive officer directly owned 182,512 shares in the company, valued at approximately $7,559,647.04. This trade represents a 4.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stephen Jones sold 5,020 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $42.30, for a total transaction of $212,346.00. Following the transaction, the chief financial officer owned 83,326 shares of the company’s stock, valued at approximately $3,524,689.80. The trade was a 5.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 25,020 shares of company stock worth $1,035,669. Insiders own 3.18% of the company’s stock.

Institutional Investors Weigh In On ScanSource

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new stake in ScanSource during the second quarter worth approximately $25,000. CWM LLC raised its stake in ScanSource by 159.6% during the 3rd quarter. CWM LLC now owns 1,874 shares of the industrial products company’s stock worth $82,000 after acquiring an additional 1,152 shares in the last quarter. Osaic Holdings Inc. raised its stake in ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after acquiring an additional 1,670 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in ScanSource by 22.3% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,879 shares of the industrial products company’s stock valued at $120,000 after acquiring an additional 524 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in ScanSource in the second quarter valued at $131,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.