ScanSource (NASDAQ:SCSC) Stock Rating Upgraded by StockNews.com

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

Separately, Northcoast Research raised shares of ScanSource from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, May 6th.

ScanSource Trading Up 3.5%

Shares of SCSC opened at $42.06 on Monday. The firm has a market cap of $986.90 million, a price-to-earnings ratio of 16.62, a PEG ratio of 1.14 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.30 and a current ratio of 2.11. The business’s fifty day moving average is $34.18 and its 200-day moving average is $42.05. ScanSource has a 52-week low of $28.75 and a 52-week high of $53.90.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, May 8th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. ScanSource had a return on equity of 8.55% and a net margin of 2.08%. The company had revenue of $704.23 million for the quarter, compared to the consensus estimate of $809.17 million. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue was down 6.3% compared to the same quarter last year. Equities analysts anticipate that ScanSource will post 3.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Stephen Jones sold 2,000 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $36.14, for a total value of $72,280.00. Following the completion of the transaction, the chief financial officer now directly owns 69,816 shares of the company’s stock, valued at approximately $2,523,150.24. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc raised its position in ScanSource by 88.4% in the first quarter. Versant Capital Management Inc now owns 863 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 405 shares during the period. Quarry LP increased its position in shares of ScanSource by 948.7% in the fourth quarter. Quarry LP now owns 797 shares of the industrial products company’s stock valued at $38,000 after buying an additional 721 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of ScanSource during the fourth quarter worth about $64,000. GAMMA Investing LLC grew its stake in shares of ScanSource by 25.5% during the 1st quarter. GAMMA Investing LLC now owns 1,944 shares of the industrial products company’s stock valued at $66,000 after buying an additional 395 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of ScanSource during the 4th quarter valued at $81,000. Institutional investors and hedge funds 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.