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

Key Points

• Wall Street Zen upgraded ScanSource to “Buy” from “Hold,” while Weiss Ratings made a smaller upgrade to “Hold (C+).” Despite this, the broader analyst consensus remains “Hold,” with an average price target of $43.00.
• ScanSource reported quarterly EPS of $0.94, beating estimates of $0.91, while revenue reached $758.59 million versus expectations of $738.55 million. Revenue increased 8.8% year over year.
• SCSC shares opened at $54.95, near their 52-week high of $59.60, giving the company a market capitalization of about $1.12 billion. Institutional investors and hedge funds own approximately 97.91% of outstanding shares.

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

Separately, Weiss Ratings raised ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 29th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $43.00.

ScanSource Price Performance

Shares of SCSC stock opened at $54.95 on Friday. The firm's 50 day moving average price is $52.18 and its two-hundred day moving average price is $43.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. ScanSource has a 52-week low of $33.76 and a 52-week high of $59.60. The stock has a market cap of $1.12 billion, a PE ratio of 16.65, a PEG ratio of 0.88 and a beta of 1.28.

ScanSource (NASDAQ:SCSC - Get Free Report) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $758.59 million during the quarter, compared to analysts' expectations of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. As a group, analysts forecast that ScanSource will post 3.9 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SCSC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ScanSource by 2.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company's stock valued at $471,000 after purchasing an additional 295 shares in the last quarter. Royce & Associates LP lifted its position in ScanSource by 1.7% during the 4th quarter. Royce & Associates LP now owns 26,088 shares of the industrial products company's stock worth $1,019,000 after buying an additional 433 shares in the last quarter. Summit Global Investments lifted its position in ScanSource by 3.3% during the 4th quarter. Summit Global Investments now owns 14,177 shares of the industrial products company's stock worth $554,000 after buying an additional 451 shares in the last quarter. WINTON GROUP Ltd boosted its stake in shares of ScanSource by 2.0% during the 4th quarter. WINTON GROUP Ltd now owns 26,020 shares of the industrial products company's stock worth $1,016,000 after buying an additional 510 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its stake in shares of ScanSource by 1.3% during the 2nd quarter. Lazard Asset Management LLC now owns 43,016 shares of the industrial products company's stock worth $1,797,000 after buying an additional 567 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.

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