ScanSource (NASDAQ:SCSC) Downgraded to "Hold" Rating by Wall Street Zen

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 upgraded shares of ScanSource from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a research note on Tuesday, May 6th.

ScanSource Stock Performance

SCSC opened at $40.44 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The company has a market cap of $913.78 million, a price-to-earnings ratio of 15.98, a PEG ratio of 1.14 and a beta of 1.38. The company's 50 day moving average is $36.89 and its 200 day moving average is $40.87. ScanSource has a 12-month low of $28.75 and a 12-month high of $53.90.

ScanSource (NASDAQ:SCSC - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The company had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. ScanSource had a net margin of 2.08% and a return on equity of 8.55%. The firm's revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 earnings per share. On average, equities research analysts predict that ScanSource will post 3.33 EPS for the current year.

Insiders Place Their Bets

In other ScanSource news, CFO Stephen Jones sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $36.14, for a total transaction of $72,280.00. Following the sale, the chief financial officer now owns 69,816 shares in the company, 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 is accessible through the SEC website. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On ScanSource

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of ScanSource during the fourth quarter valued at approximately $807,000. Sanctuary Advisors LLC lifted its holdings in shares of ScanSource by 3.5% in the fourth quarter. Sanctuary Advisors LLC now owns 10,103 shares of the industrial products company's stock worth $479,000 after buying an additional 338 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of ScanSource by 11.5% in the fourth quarter. New York State Common Retirement Fund now owns 8,596 shares of the industrial products company's stock worth $408,000 after buying an additional 887 shares in the last quarter. Versor Investments LP purchased a new position in shares of ScanSource in the fourth quarter worth $218,000. Finally, Bailard Inc. purchased a new position in shares of ScanSource in the fourth quarter worth $251,000. Institutional investors own 97.91% of the company's stock.

ScanSource Company Profile

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.

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