ScanSource (NASDAQ:SCSC) Upgraded to "Buy" at Wall Street Zen

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC - Free Report) from a hold rating to a buy rating in a research note released on Saturday.

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

ScanSource Price Performance

NASDAQ SCSC traded down $0.85 during trading on Friday, reaching $40.81. 93,732 shares of the company traded hands, compared to its average volume of 226,729. The company has a market cap of $922.14 million, a price-to-earnings ratio of 14.72, a P/E/G ratio of 1.12 and a beta of 1.38. ScanSource has a 1-year low of $28.75 and a 1-year high of $53.90. The stock's 50 day moving average price is $40.79 and its two-hundred day moving average price is $39.46. 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 quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 EPS. As a group, analysts anticipate that ScanSource will post 3.33 EPS for the current year.

Insider Activity

In other ScanSource news, EVP Rachel Hayden sold 6,738 shares of ScanSource stock in a transaction on Friday, June 20th. The shares were sold at an average price of $41.27, for a total value of $278,077.26. Following the completion of the transaction, the executive vice president owned 13,174 shares of the company's stock, valued at approximately $543,690.98. The trade was a 33.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On ScanSource

A number of hedge funds and other institutional investors have recently modified their holdings of SCSC. Exchange Traded Concepts LLC increased its position in shares of ScanSource by 6.1% in the second quarter. Exchange Traded Concepts LLC now owns 30,526 shares of the industrial products company's stock worth $1,276,000 after acquiring an additional 1,753 shares in the last quarter. Voya Investment Management LLC lifted its stake in shares of ScanSource by 46.0% in the 1st quarter. Voya Investment Management LLC now owns 40,023 shares of the industrial products company's stock valued at $1,361,000 after purchasing an additional 12,603 shares during the last quarter. First Hawaiian Bank increased its holdings in shares of ScanSource by 139.9% during the 1st quarter. First Hawaiian Bank now owns 14,123 shares of the industrial products company's stock worth $480,000 after purchasing an additional 8,235 shares during the period. Inspire Investing LLC boosted its position in shares of ScanSource by 20.1% during the 1st quarter. Inspire Investing LLC now owns 10,116 shares of the industrial products company's stock valued at $344,000 after acquiring an additional 1,692 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of ScanSource during the first quarter worth approximately $558,000. 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.