ScanSource (NASDAQ:SCSC) Upgraded to Buy at Northcoast Research

ScanSource (NASDAQ:SCSC - Get Free Report) was upgraded by Northcoast Research from a "neutral" rating to a "buy" rating in a report issued on Tuesday, Marketbeat reports. The brokerage currently has a $42.00 price objective on the industrial products company's stock. Northcoast Research's target price suggests a potential upside of 5.29% from the stock's previous close.

ScanSource Trading Up 3.9 %

NASDAQ SCSC traded up $1.50 during trading hours on Tuesday, hitting $39.89. 322,132 shares of the company's stock were exchanged, compared to its average volume of 233,678. The business's 50 day moving average is $33.97 and its 200-day moving average is $42.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11. ScanSource has a 12-month low of $28.75 and a 12-month high of $53.90. The firm has a market capitalization of $935.98 million, a P/E ratio of 15.77, a price-to-earnings-growth ratio of 1.14 and a beta of 1.30.

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

Insider Buying and Selling at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 1,994 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $38.00, for a total transaction of $75,772.00. Following the completion of the sale, the chief executive officer now directly owns 142,760 shares in the company, valued at $5,424,880. The trade was a 1.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Stephen Jones sold 2,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 69,816 shares in the company, valued at approximately $2,523,150.24. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Institutional Trading of ScanSource

Large investors have recently added to or reduced their stakes in the stock. Quarry LP grew its stake in shares of ScanSource by 948.7% in the fourth quarter. Quarry LP now owns 797 shares of the industrial products company's stock valued at $38,000 after buying an additional 721 shares in the last quarter. Versant Capital Management Inc grew its holdings in ScanSource by 88.4% during the 1st quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 405 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in ScanSource during the 4th quarter worth $64,000. Point72 Asset Management L.P. acquired a new position in ScanSource in the 4th quarter worth $81,000. Finally, GAMMA Investing LLC boosted its position in ScanSource by 25.5% in the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock valued at $66,000 after buying an additional 395 shares during the last quarter. 97.91% of the stock is currently 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.