ScanSource (NASDAQ:SCSC) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded ScanSource from “hold” to “strong buy.” MarketBeat’s analyst consensus is “Moderate Buy,” with a $43.00 price target.
• ScanSource reported quarterly EPS of $1.46, exceeding the $1.14 consensus estimate, while revenue rose 17.3% year over year to $953.11 million.
• The stock opened at $56.19, with a market capitalization of approximately $1.13 billion; institutional investors own 97.91% of its shares.

ScanSource (NASDAQ:SCSC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

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

ScanSource Price Performance

NASDAQ SCSC opened at $56.19 on Monday. 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. The business 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 cap 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 - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $953.11 million during the quarter, compared to the consensus estimate of $814.35 million. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The firm's revenue was up 17.3% compared to the same quarter last year. Analysts anticipate that ScanSource will post 4.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ScanSource

Several hedge funds have recently modified their holdings of SCSC. Canada Pension Plan Investment Board acquired a new position in ScanSource during the second quarter valued at approximately $25,000. Royal Bank of Canada increased its position in shares of ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock worth $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of 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 purchasing an additional 1,670 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of ScanSource during the 2nd quarter worth approximately $119,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of ScanSource in the 2nd quarter valued at approximately $134,000. Institutional investors own 97.91% of the company's stock.

About ScanSource

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.

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