ScanSource (NASDAQ:SCSC) Stock Rating Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of ScanSource (NASDAQ:SCSC) from a strong-buy rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on SCSC. Zacks Research raised ScanSource from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 24th. Northcoast Research lowered ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of ScanSource in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat, ScanSource has an average rating of “Moderate Buy” and an average price target of $43.00.

ScanSource Stock Down 0.8%

NASDAQ SCSC opened at $61.73 on Friday. ScanSource has a 12 month low of $33.76 and a 12 month high of $66.78. The company has a market capitalization of $1.24 billion, a P/E ratio of 16.87, a PEG ratio of 0.90 and a beta of 1.25. The company’s 50 day simple moving average is $56.56 and its 200 day simple moving average is $48.82. 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 (NASDAQ:SCSC) last issued its earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $814.35 million. During the same period last year, the firm posted $1.02 earnings per share. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities research analysts expect that ScanSource will post 4.56 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Charles Mathis sold 3,000 shares of ScanSource stock in a transaction on Friday, September 11th. The stock was sold at an average price of $58.00, for a total transaction of $174,000.00. Following the transaction, the director owned 25,027 shares in the company, valued at approximately $1,451,566. The trade was a 10.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Brandy Ford sold 5,293 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $57.43, for a total value of $303,976.99. Following the transaction, the chief accounting officer directly owned 9,907 shares in the company, valued at $568,959.01. The trade was a 34.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 95,632 shares of company stock valued at $5,484,582 in the last 90 days. Company insiders own 3.18% of the company’s stock.

Institutional Investors Weigh In On ScanSource

Institutional investors have recently bought and sold shares of the business. Freestone Grove Partners LP purchased a new stake in shares of ScanSource in the second quarter worth approximately $119,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in ScanSource in the 2nd quarter valued at approximately $134,000. HighTower Advisors LLC purchased a new stake in ScanSource in the 2nd quarter worth approximately $246,000. Aristides Capital LLC purchased a new stake in ScanSource in the 1st quarter worth approximately $251,000. Finally, Inceptionr LLC acquired a new stake in shares of ScanSource during the 1st quarter valued at $267,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About ScanSource

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.