ScanSource (NASDAQ:SCSC) Raised to “Strong-Buy” at Wall Street Zen

ScanSource (NASDAQ:SCSC) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

SCSC has been the subject of a number of other research reports. Zacks Research upgraded ScanSource from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of ScanSource in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.00.

ScanSource Stock Performance

NASDAQ SCSC opened at $56.55 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.15 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $53.83 and a 200 day simple moving average of $45.12. ScanSource has a 12 month low of $33.76 and a 12 month high of $66.78. The firm has a market capitalization of $1.14 billion, a P/E ratio of 15.45, a PEG ratio of 0.83 and a beta of 1.28.

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

Institutional Investors Weigh In On ScanSource

Several institutional investors have recently added to or reduced their stakes in SCSC. Renaissance Technologies LLC purchased a new position in ScanSource during the first quarter valued at approximately $766,000. Vanguard Group Inc. increased its holdings in ScanSource by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after acquiring an additional 78,993 shares during the period. Pzena Investment Management LLC purchased a new stake in ScanSource in the 2nd quarter worth approximately $57,807,000. Meeder Asset Management Inc. purchased a new stake in ScanSource in the 2nd quarter worth approximately $4,859,000. Finally, Lazard Asset Management LLC bought a new position in ScanSource in the 1st quarter valued at $1,851,000. 97.91% of the stock is owned by hedge funds and other 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.