Zacks Research Upgrades ScanSource (NASDAQ:SCSC) to “Strong-Buy”

ScanSource (NASDAQ:SCSC) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on SCSC. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Northcoast Research cut shares of ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Finally, Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, ScanSource currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

ScanSource Trading Up 3.8%

ScanSource stock opened at $56.19 on Monday. The stock has a 50-day simple moving average of $53.37 and a 200 day simple moving average of $44.71. The stock has a market capitalization of $1.13 billion, a P/E ratio of 15.35, a PEG ratio of 0.79 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76. ScanSource has a 52 week low of $33.76 and a 52 week high of $66.78.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The firm had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. During the same quarter in the prior year, the company earned $1.02 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Analysts expect that ScanSource will post 4.56 earnings per share for the current year.

Institutional Trading of ScanSource

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in ScanSource in the 2nd quarter valued at $200,140,000. Vanguard Group Inc. lifted its holdings in shares of ScanSource by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after buying an additional 78,993 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of ScanSource by 4,972.0% in the second quarter. California State Teachers Retirement System now owns 1,338,036 shares of the industrial products company’s stock valued at $69,698,000 after acquiring an additional 1,311,655 shares in the last quarter. Wasatch Advisors LP grew its stake in shares of ScanSource by 34.9% in the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after acquiring an additional 294,624 shares in the last quarter. Finally, Pzena Investment Management LLC bought a new position in ScanSource during the second quarter worth about $57,807,000. 97.91% of the stock is currently owned by institutional investors.

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.