Wall Street Zen Downgrades ScanSource (NASDAQ:SCSC) to Hold

ScanSource (NASDAQ:SCSC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Separately, Northcoast Research raised ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Tuesday, May 6th.

ScanSource Stock Down 0.6%

Shares of NASDAQ:SCSC traded down $0.25 on Friday, hitting $40.57. 169,993 shares of the company's stock were exchanged, compared to its average volume of 233,084. The firm's 50-day moving average is $37.28 and its 200 day moving average is $40.67. The company has a market capitalization of $916.88 million, a PE ratio of 14.65, a P/E/G ratio of 1.18 and a beta of 1.38. ScanSource has a 1-year low of $28.75 and a 1-year high of $53.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.32 and a current ratio of 2.07.

ScanSource (NASDAQ:SCSC - Get Free Report) last announced its earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $704.23 million during the quarter, compared to analysts' expectations of $809.17 million. ScanSource had a return on equity of 8.96% and a net margin of 2.27%. The business's revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. Sell-side analysts predict that ScanSource will post 3.33 EPS for the current year.

Insider Activity at ScanSource

In other ScanSource news, CFO Stephen Jones sold 2,000 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $36.14, for a total transaction of $72,280.00. Following the completion of the sale, the chief financial officer now directly owns 69,816 shares of the company's stock, valued at approximately $2,523,150.24. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.20% of the company's stock.

Institutional Trading of ScanSource

A number of hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ScanSource by 2.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company's stock worth $471,000 after acquiring an additional 295 shares during the period. Sanctuary Advisors LLC lifted its position in ScanSource by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company's stock worth $479,000 after acquiring an additional 338 shares during the period. SummerHaven Investment Management LLC lifted its position in ScanSource by 1.9% during the 1st quarter. SummerHaven Investment Management LLC now owns 18,409 shares of the industrial products company's stock worth $626,000 after acquiring an additional 344 shares during the period. GAMMA Investing LLC raised its stake in shares of ScanSource by 25.5% during the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock worth $66,000 after buying an additional 395 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of ScanSource by 88.4% during the 1st quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock worth $29,000 after buying an additional 405 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.