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

ScanSource (NASDAQ:SCSC) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

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

ScanSource Price Performance

Shares of NASDAQ:SCSC opened at $54.95 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $59.60. The firm has a 50-day simple moving average of $52.18 and a 200 day simple moving average of $43.76. The company has a market cap of $1.12 billion, a PE ratio of 16.65, a P/E/G ratio of 0.85 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm had revenue of $758.59 million for the quarter, compared to analysts’ expectations of $738.55 million. During the same quarter last year, the company posted $0.86 earnings per share. ScanSource’s revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts anticipate that ScanSource will post 3.9 EPS for the current year.

Institutional Trading of ScanSource

Several hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board bought a new position in shares of ScanSource in the second quarter worth $25,000. Royal Bank of Canada raised its stake in shares of ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 1,168 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in ScanSource by 400.5% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after purchasing an additional 1,670 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in ScanSource in the second quarter worth about $134,000. Finally, Tower Research Capital LLC TRC grew its position in ScanSource by 672.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after buying an additional 4,032 shares in the last quarter. Institutional investors 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.