ScanSource (NASDAQ:SCSC) Upgraded to “Hold” at ValuEngine

ScanSource (NASDAQ:SCSC) was upgraded by ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, ValuEngine reports.

Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of ScanSource from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 12th. Zacks Investment Research lowered shares of ScanSource from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 8th. Finally, TheStreet lowered shares of ScanSource from a “b-” rating to a “c+” rating in a research note on Tuesday, February 11th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $37.00.

NASDAQ:SCSC traded down $1.30 during midday trading on Tuesday, hitting $21.00. 186,972 shares of the company were exchanged, compared to its average volume of 208,612. The company has a fifty day simple moving average of $25.72 and a 200 day simple moving average of $31.85. ScanSource has a fifty-two week low of $13.78 and a fifty-two week high of $39.14. The company has a current ratio of 1.85, a quick ratio of 0.96 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $565.21 million, a PE ratio of 11.67 and a beta of 1.06.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.04). ScanSource had a return on equity of 8.32% and a net margin of 1.20%. The company had revenue of $989.50 million for the quarter, compared to analyst estimates of $908.27 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. ScanSource’s revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts expect that ScanSource will post 2.63 EPS for the current year.

In other news, Director Michael J. Grainger bought 3,200 shares of the stock in a transaction dated Tuesday, February 11th. The shares were acquired at an average price of $31.90 per share, with a total value of $102,080.00. Following the completion of the acquisition, the director now directly owns 25,000 shares in the company, valued at $797,500. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Matthew Dean bought 3,000 shares of the stock in a transaction dated Friday, March 13th. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $51,000.00. Following the acquisition, the vice president now owns 11,714 shares of the company’s stock, valued at $199,138. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 8,700 shares of company stock worth $195,705. 3.87% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of ScanSource in the fourth quarter worth about $16,485,000. Pzena Investment Management LLC lifted its position in shares of ScanSource by 16.6% in the fourth quarter. Pzena Investment Management LLC now owns 1,464,078 shares of the industrial products company’s stock worth $54,098,000 after purchasing an additional 208,461 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of ScanSource by 9.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,418,709 shares of the industrial products company’s stock worth $49,499,000 after purchasing an additional 127,950 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of ScanSource by 54.0% in the fourth quarter. AQR Capital Management LLC now owns 244,008 shares of the industrial products company’s stock worth $9,016,000 after purchasing an additional 85,605 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of ScanSource by 44.7% in the fourth quarter. Prudential Financial Inc. now owns 267,192 shares of the industrial products company’s stock worth $9,873,000 after purchasing an additional 82,506 shares in the last quarter. 96.43% of the stock is currently owned by institutional investors and hedge funds.

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).

Further Reading: Front-End Load

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