ScanSource (SCSC) Rating Lowered to Sell at Zacks Investment Research

ScanSource (NASDAQ:SCSC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, November 9th.

According to Zacks, “ScanSource, Inc. serves North America as a value-added distributor of specialty technologies, including automatic identification and point-of-sale products, and business telephone products. Serving only the value added reseller, ScanSource is committed to growing specialty technology markets by strengthening and enlarging the value added reseller channel. ScanSource’s commitment to value added resellers includes offering a broad product selection, competitive pricing, fast delivery, technical support, sales training, customer financing and qualified leads. “

SCSC has been the subject of several other reports. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, October 2nd. BidaskClub cut ScanSource from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Finally, ValuEngine cut ScanSource from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $45.75.

ScanSource (NASDAQ:SCSC) opened at $36.30 on Thursday. ScanSource has a twelve month low of $34.45 and a twelve month high of $45.35. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $903.65, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 3.97 and a beta of 1.11.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.02). ScanSource had a net margin of 1.65% and a return on equity of 8.78%. The company had revenue of $924.56 million for the quarter, compared to analyst estimates of $966.20 million. During the same quarter last year, the business earned $0.68 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. equities research analysts forecast that ScanSource will post 2.98 EPS for the current year.

In other news, CEO Michael L. Baur sold 44,565 shares of the firm’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $44.16, for a total value of $1,967,990.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael L. Baur sold 17,621 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $44.32, for a total value of $780,962.72. Following the completion of the sale, the chief executive officer now owns 35,209 shares of the company’s stock, valued at $1,560,462.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,397 shares of company stock valued at $3,959,574. Company insiders own 2.35% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in ScanSource by 42,757.8% in the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock worth $122,529,000 after purchasing an additional 3,114,479 shares during the period. Vanguard Group Inc. increased its position in ScanSource by 1.2% in the second quarter. Vanguard Group Inc. now owns 2,326,600 shares of the industrial products company’s stock worth $93,763,000 after purchasing an additional 26,629 shares during the period. Pzena Investment Management LLC grew its position in shares of ScanSource by 3.3% during the 3rd quarter. Pzena Investment Management LLC now owns 1,317,928 shares of the industrial products company’s stock worth $57,528,000 after buying an additional 42,025 shares during the period. LSV Asset Management grew its position in shares of ScanSource by 33.1% during the 2nd quarter. LSV Asset Management now owns 849,662 shares of the industrial products company’s stock worth $34,241,000 after buying an additional 211,471 shares during the period. Finally, State Street Corp grew its position in shares of ScanSource by 3.6% during the 2nd quarter. State Street Corp now owns 674,361 shares of the industrial products company’s stock worth $27,177,000 after buying an additional 23,694 shares during the period. Hedge funds and other institutional investors own 94.42% of the company’s stock.

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About ScanSource

ScanSource, Inc is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services.

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