ScanSource (NASDAQ:SCSC) Upgraded to Buy at StockNews.com

ScanSource (NASDAQ:SCSC - Get Free Report) was upgraded by StockNews.com from a "hold" rating to a "buy" rating in a report released on Monday.

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

ScanSource Trading Up 2.0%

Shares of SCSC traded up $0.80 during trading hours on Monday, reaching $40.63. 252,706 shares of the company traded hands, compared to its average volume of 233,562. ScanSource has a 12-month low of $28.75 and a 12-month high of $53.90. The stock's fifty day moving average price is $34.07 and its 200 day moving average price is $42.05. The firm has a market cap of $953.34 million, a price-to-earnings ratio of 16.06, a PEG ratio of 1.14 and a beta of 1.30. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15.

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

Insiders Place Their Bets

In other ScanSource news, CFO Stephen Jones sold 2,000 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $36.14, for a total value 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. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ScanSource

A number of large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in shares of ScanSource by 88.4% during the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 405 shares in the last quarter. Quarry LP increased its holdings in shares of ScanSource by 948.7% during the fourth quarter. Quarry LP now owns 797 shares of the industrial products company's stock valued at $38,000 after acquiring an additional 721 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of ScanSource during the fourth quarter valued at about $64,000. GAMMA Investing LLC increased its holdings in shares of ScanSource by 25.5% during the first quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 395 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of ScanSource during the fourth quarter valued at about $81,000. 97.91% of the stock is currently owned by institutional investors.

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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