Northcoast Research lowered shares of ScanSource, Inc. (NASDAQ:SCSC) from a buy rating to a neutral rating in a research note released on Monday morning, Marketbeat.com reports.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of ScanSource from a buy rating to a hold rating in a research note on Tuesday, September 5th. BidaskClub cut shares of ScanSource from a sell rating to a strong sell rating in a research note on Tuesday, August 8th. Finally, ValuEngine raised shares of ScanSource from a hold rating to a buy rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $45.75.
Shares of ScanSource (NASDAQ SCSC) opened at 43.75 on Monday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 16.14 and a beta of 1.16. The stock has a 50 day moving average of $39.51 and a 200-day moving average of $39.22. ScanSource has a 52 week low of $29.05 and a 52 week high of $44.95.
ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Tuesday, August 29th. The industrial products company reported $0.68 EPS for the quarter, hitting analysts’ consensus estimates of $0.68. The business had revenue of $917.30 million for the quarter, compared to analysts’ expectations of $894.17 million. ScanSource had a net margin of 1.94% and a return on equity of 8.76%. The business’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS. On average, analysts anticipate that ScanSource will post $3.07 EPS for the current year.
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In other news, Director John Patrick Reilly sold 4,023 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $41.00, for a total transaction of $164,943.00. Following the sale, the director now owns 16,900 shares of the company’s stock, valued at approximately $692,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 9,076 shares of company stock worth $370,590 in the last ninety days. Corporate insiders own 3.03% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in SCSC. Russell Investments Group Ltd. grew its stake in ScanSource by 60.3% in the 1st quarter. Russell Investments Group Ltd. now owns 62,440 shares of the industrial products company’s stock valued at $2,451,000 after acquiring an additional 23,499 shares during the period. Wells Fargo & Company MN grew its stake in ScanSource by 21.3% in the 1st quarter. Wells Fargo & Company MN now owns 30,870 shares of the industrial products company’s stock valued at $1,212,000 after acquiring an additional 5,425 shares during the period. Great West Life Assurance Co. Can grew its stake in ScanSource by 6.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 36,135 shares of the industrial products company’s stock valued at $1,416,000 after acquiring an additional 2,269 shares during the period. First Trust Advisors LP grew its stake in ScanSource by 27.3% in the 1st quarter. First Trust Advisors LP now owns 59,276 shares of the industrial products company’s stock valued at $2,327,000 after acquiring an additional 12,717 shares during the period. Finally, Comerica Bank grew its stake in ScanSource by 3.6% in the 1st quarter. Comerica Bank now owns 27,947 shares of the industrial products company’s stock valued at $1,123,000 after acquiring an additional 961 shares during the period. 93.98% of the stock is currently owned by hedge funds and other institutional investors.
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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