ScanSource (SCSC) Upgraded to Buy by BidaskClub

BidaskClub upgraded shares of ScanSource (NASDAQ:SCSC) from a hold rating to a buy rating in a research note released on Wednesday.

SCSC has been the topic of a number of other research reports. ValuEngine lowered ScanSource from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Zacks Investment Research raised ScanSource from a sell rating to a hold rating in a research report on Wednesday. Finally, Raymond James lifted their target price on ScanSource from $44.00 to $47.00 and gave the company a buy rating in a research report on Wednesday, August 29th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $46.00.

Shares of NASDAQ SCSC traded up $0.52 during mid-day trading on Wednesday, reaching $41.17. 111,140 shares of the company’s stock were exchanged, compared to its average volume of 107,218. The firm has a market cap of $1.05 billion, a P/E ratio of 13.24 and a beta of 0.72. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.92 and a quick ratio of 1.08. ScanSource has a twelve month low of $31.40 and a twelve month high of $44.27.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, August 28th. The industrial products company reported $0.77 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.77. ScanSource had a return on equity of 9.23% and a net margin of 0.86%. The company had revenue of $993.90 million for the quarter, compared to analyst estimates of $974.20 million. During the same quarter last year, the firm posted $0.68 earnings per share. ScanSource’s revenue was up 8.4% compared to the same quarter last year. Equities analysts anticipate that ScanSource will post 3.56 EPS for the current year.

In other ScanSource news, CFO Gerald Lyons sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $44.00, for a total transaction of $26,400.00. Following the transaction, the chief financial officer now owns 12,937 shares of the company’s stock, valued at approximately $569,228. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael L. Baur sold 13,747 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $44.00, for a total value of $604,868.00. Following the transaction, the chief executive officer now directly owns 49,446 shares in the company, valued at approximately $2,175,624. The disclosure for this sale can be found here. 2.35% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of SCSC. BlackRock Inc. increased its position in shares of ScanSource by 12.8% during the 2nd quarter. BlackRock Inc. now owns 4,127,282 shares of the industrial products company’s stock worth $166,329,000 after purchasing an additional 469,872 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of ScanSource during the 3rd quarter worth approximately $1,789,000. Acadian Asset Management LLC increased its position in shares of ScanSource by 212.2% during the 3rd quarter. Acadian Asset Management LLC now owns 61,860 shares of the industrial products company’s stock worth $2,468,000 after purchasing an additional 42,043 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of ScanSource by 12.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 376,540 shares of the industrial products company’s stock worth $15,175,000 after purchasing an additional 41,980 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of ScanSource by 305.6% during the 2nd quarter. Victory Capital Management Inc. now owns 33,859 shares of the industrial products company’s stock worth $1,365,000 after purchasing an additional 25,512 shares during the last quarter. 94.59% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

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