ScanSource (NASDAQ:SCSC) Raised to Buy at StockNews.com

ScanSource (NASDAQ:SCSC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

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

ScanSource Trading Up 3.5%

Shares of SCSC opened at $42.06 on Monday. The company’s fifty day simple moving average is $34.18 and its 200-day simple moving average is $42.05. The company has a current ratio of 2.11, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The company has a market cap of $986.90 million, a P/E ratio of 16.62, a P/E/G ratio of 1.14 and a beta of 1.30. ScanSource has a twelve month low of $28.75 and a twelve month high of $53.90.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $809.17 million. During the same quarter in the previous year, the firm posted $0.69 earnings per share. ScanSource’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, analysts expect that ScanSource will post 3.33 EPS for the current year.

Insider Buying and Selling at ScanSource

In other news, CFO Stephen Jones sold 2,000 shares of the stock in a transaction on Friday, March 21st. The shares were 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. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On ScanSource

Several institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in ScanSource by 88.4% during the 1st quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 405 shares during the last quarter. Quarry LP lifted its position in ScanSource by 948.7% in the 4th quarter. Quarry LP now owns 797 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 721 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of ScanSource in the 4th quarter valued at about $64,000. GAMMA Investing LLC boosted its position in shares of ScanSource by 25.5% during the first quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company’s stock worth $66,000 after buying an additional 395 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in ScanSource in the 4th quarter valued at approximately $81,000. 97.91% of the stock is owned by institutional investors.

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.