ScanSource, Inc. (NASDAQ:SCSC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, July 12th.
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. “
Shares of ScanSource (SCSC) traded down 0.39% during mid-day trading on Wednesday, reaching $38.55. The company’s stock had a trading volume of 55,443 shares. The stock has a market capitalization of $975.85 million, a P/E ratio of 15.65 and a beta of 1.16. The company’s 50-day moving average price is $39.74 and its 200-day moving average price is $39.79. ScanSource has a 12-month low of $29.05 and a 12-month high of $44.95.
ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Tuesday, May 9th. The industrial products company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.66 by $0.01. The firm had revenue of $813.50 million for the quarter, compared to analysts’ expectations of $833.10 million. ScanSource had a net margin of 1.79% and a return on equity of 8.41%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. On average, equities research analysts forecast that ScanSource will post $2.76 earnings per share for the current fiscal year.
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In other news, Director Steven R. Fischer sold 5,000 shares of ScanSource stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $40.19, for a total value of $200,950.00. Following the completion of the transaction, the director now owns 20,867 shares in the company, valued at approximately $838,644.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael L. Baur sold 67,000 shares of ScanSource stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $39.07, for a total value of $2,617,690.00. Following the completion of the transaction, the chief executive officer now owns 47,890 shares of the company’s stock, valued at approximately $1,871,062.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,000 shares of company stock valued at $3,019,290. Company insiders own 3.03% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its position in shares of ScanSource by 0.7% in the first quarter. State of Alaska Department of Revenue now owns 2,790 shares of the industrial products company’s stock worth $109,000 after buying an additional 20 shares during the period. Victory Capital Management Inc. boosted its position in shares of ScanSource by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,974 shares of the industrial products company’s stock worth $120,000 after buying an additional 446 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of ScanSource by 33.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,856 shares of the industrial products company’s stock worth $156,000 after buying an additional 973 shares during the period. SG Americas Securities LLC boosted its position in shares of ScanSource by 0.3% in the first quarter. SG Americas Securities LLC now owns 4,259 shares of the industrial products company’s stock worth $167,000 after buying an additional 14 shares during the period. Finally, CHICAGO TRUST Co NA bought a new position in shares of ScanSource during the second quarter worth approximately $218,000. Hedge funds and other institutional investors own 94.39% of the company’s stock.
ScanSource Company Profile
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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