ScanSource (NASDAQ:SCSC) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday morning.

Other analysts also recently issued reports about the company. Zacks Research upgraded ScanSource from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 24th. Weiss Ratings restated a “hold (c+)” rating on shares of ScanSource in a report on Wednesday. Finally, Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, ScanSource currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

ScanSource Trading Down 2.7%

Shares of NASDAQ SCSC opened at $56.55 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.15 and a current ratio of 1.76. The business’s 50 day moving average price is $53.83 and its 200-day moving average price is $45.07. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $66.78. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 0.83 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Thursday, August 20th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The firm had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. During the same period last year, the company earned $1.02 EPS. ScanSource’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts expect that ScanSource will post 4.56 earnings per share for the current year.

Hedge Funds Weigh In On ScanSource

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in ScanSource during the first quarter valued at about $766,000. Vanguard Group Inc. raised its holdings in ScanSource by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after purchasing an additional 78,993 shares in the last quarter. Pzena Investment Management LLC purchased a new stake in shares of ScanSource during the second quarter valued at about $57,807,000. Meeder Asset Management Inc. purchased a new stake in shares of ScanSource during the second quarter valued at about $4,859,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of ScanSource by 69.7% in the 1st quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock valued at $4,748,000 after buying an additional 53,702 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

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.