ScanSource (NASDAQ:SCSC) Downgraded by StockNews.com to Hold
ScanSource (NASDAQ:SCSC – Get Free Report) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Several other analysts have also recently weighed in on SCSC. Raymond James lowered their price objective on shares of ScanSource from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. Northcoast Research lowered ScanSource from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a research note on Tuesday.
Get Our Latest Analysis on SCSC
ScanSource Price Performance
Shares of SCSC traded down $0.32 during mid-day trading on Wednesday, reaching $39.00. 205,421 shares of the stock traded hands, compared to its average volume of 126,985. The company has a market cap of $980.07 million, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.05 and a beta of 1.45. ScanSource has a 1 year low of $26.14 and a 1 year high of $39.84. The firm has a fifty day moving average price of $33.21 and a 200 day moving average price of $31.20. The company has a current ratio of 2.15, a quick ratio of 1.21 and a debt-to-equity ratio of 0.26.
ScanSource (NASDAQ:SCSC – Get Free Report) last posted its earnings results on Thursday, November 9th. The industrial products company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.18). ScanSource had a return on equity of 10.02% and a net margin of 2.18%. The business had revenue of $876.30 million for the quarter, compared to analysts’ expectations of $921.03 million. During the same quarter in the previous year, the firm earned $1.07 earnings per share. ScanSource’s quarterly revenue was down 7.2% compared to the same quarter last year. As a group, equities research analysts predict that ScanSource will post 3.7 earnings per share for the current year.
Insider Transactions at ScanSource
In related news, CAO Brandy Ford sold 663 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $38.86, for a total transaction of $25,764.18. Following the transaction, the chief accounting officer now owns 10,465 shares of the company’s stock, valued at approximately $406,669.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 4.56% of the company’s stock.
Hedge Funds Weigh In On ScanSource
A number of large investors have recently bought and sold shares of the stock. Brandywine Global Investment Management LLC lifted its stake in shares of ScanSource by 0.5% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 66,279 shares of the industrial products company’s stock valued at $1,959,000 after purchasing an additional 345 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in ScanSource by 5.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 8,039 shares of the industrial products company’s stock valued at $238,000 after buying an additional 442 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of ScanSource by 2.0% during the 1st quarter. Yousif Capital Management LLC now owns 23,675 shares of the industrial products company’s stock valued at $824,000 after buying an additional 455 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ScanSource by 3.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,923 shares of the industrial products company’s stock worth $378,000 after buying an additional 456 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of ScanSource by 3.0% in the 1st quarter. American Century Companies Inc. now owns 19,108 shares of the industrial products company’s stock worth $582,000 after acquiring an additional 554 shares in the last quarter. 94.63% of the stock is owned by hedge funds and other institutional investors.
ScanSource Company Profile (Get Free Report)
ScanSource, Inc distributes technology products and solutions in the United States, Canada, and internationally. 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.
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Original: MarketBeat News Feed: ScanSource (NASDAQ:SCSC) Downgraded by StockNews.com to Hold