ScanSource (NASDAQ:SCSC) Lowered to “Hold” Rating by Wall Street Zen

ScanSource (NASDAQ:SCSC) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Separately, Northcoast Research raised shares of ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a report on Tuesday, May 6th.

ScanSource Price Performance

Shares of SCSC opened at $40.44 on Friday. The firm has a market capitalization of $913.78 million, a PE ratio of 15.98, a price-to-earnings-growth ratio of 1.14 and a beta of 1.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.11 and a quick ratio of 1.30. ScanSource has a 1-year low of $28.75 and a 1-year high of $53.90. The company’s fifty day moving average price is $36.89 and its 200-day moving average price is $40.74.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Thursday, May 8th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. ScanSource had a net margin of 2.08% and a return on equity of 8.55%. The company had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. During the same quarter in the prior year, the company earned $0.69 EPS. ScanSource’s quarterly revenue was down 6.3% on a year-over-year basis. On average, equities research analysts predict that ScanSource will post 3.33 EPS for the current year.

Insider Activity at ScanSource

In other news, CFO Stephen Jones sold 2,000 shares of ScanSource stock in a transaction on Friday, March 21st. The stock was sold at an average price of $36.14, for a total transaction of $72,280.00. Following the transaction, the chief financial officer now owns 69,816 shares in the company, valued at $2,523,150.24. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of ScanSource

Several hedge funds have recently made changes to their positions in SCSC. First Hawaiian Bank lifted its holdings in ScanSource by 139.9% in the first quarter. First Hawaiian Bank now owns 14,123 shares of the industrial products company’s stock valued at $480,000 after acquiring an additional 8,235 shares during the last quarter. Inspire Investing LLC lifted its stake in shares of ScanSource by 20.1% in the 1st quarter. Inspire Investing LLC now owns 10,116 shares of the industrial products company’s stock valued at $344,000 after purchasing an additional 1,692 shares during the last quarter. Strs Ohio acquired a new stake in shares of ScanSource during the 1st quarter worth about $558,000. Acadian Asset Management LLC increased its position in shares of ScanSource by 25.3% during the first quarter. Acadian Asset Management LLC now owns 137,359 shares of the industrial products company’s stock valued at $4,665,000 after acquiring an additional 27,707 shares during the last quarter. Finally, Jane Street Group LLC raised its stake in shares of ScanSource by 148.3% in the 1st quarter. Jane Street Group LLC now owns 199,799 shares of the industrial products company’s stock valued at $6,795,000 after acquiring an additional 119,317 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.