ScanSource (NASDAQ:SCSC) Stock Rating Upgraded by Zacks Research

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

Several other brokerages have also recently weighed in on SCSC. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Finally, Wall Street Zen upgraded ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One 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, the company has a consensus rating of “Moderate Buy” and an average target price of $43.00.

ScanSource Trading Up 3.8%

SCSC opened at $56.19 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The company’s 50 day moving average price is $53.37 and its two-hundred day moving average price is $44.71. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 0.79 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.32. The company had revenue of $953.11 million for the quarter, compared to analysts’ expectations of $814.35 million. ScanSource had a net margin of 2.44% and a return on equity of 10.10%. ScanSource’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, research analysts predict that ScanSource will post 4.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ScanSource by 2.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock valued at $471,000 after acquiring an additional 295 shares in the last quarter. Royce & Associates LP increased its holdings in shares of ScanSource by 1.7% in the 4th quarter. Royce & Associates LP now owns 26,088 shares of the industrial products company’s stock worth $1,019,000 after buying an additional 433 shares during the last quarter. Summit Global Investments raised its position in shares of ScanSource by 3.3% during the 4th quarter. Summit Global Investments now owns 14,177 shares of the industrial products company’s stock valued at $554,000 after buying an additional 451 shares in the last quarter. WINTON GROUP Ltd grew its position in ScanSource by 2.0% in the fourth quarter. WINTON GROUP Ltd now owns 26,020 shares of the industrial products company’s stock worth $1,016,000 after acquiring an additional 510 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in ScanSource by 1.3% during the second quarter. Lazard Asset Management LLC now owns 43,016 shares of the industrial products company’s stock worth $1,797,000 after purchasing an additional 567 shares during the last quarter. 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.