ScanSource (NASDAQ:SCSC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “ScanSource, Inc. serves North America as a value-added distributor of specialty technologies, including automatic identification and point-of-sale products, and business telephone products. Serving only the value added reseller, ScanSource is committed to growing specialty technology markets by strengthening and enlarging the value added reseller channel. ScanSource’s commitment to value added resellers includes offering a broad product selection, competitive pricing, fast delivery, technical support, sales training, customer financing and qualified leads. “

Several other equities analysts have also issued reports on SCSC. ValuEngine lowered shares of Yext from a “strong-buy” rating to a “buy” rating in a report on Friday, May 10th. BidaskClub raised shares of Zillow Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. TheStreet lowered shares of Trinseo from a “b-” rating to a “c+” rating in a report on Friday, May 17th. Finally, Northcoast Research lowered shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $44.50.

NASDAQ:SCSC traded up $0.14 during trading hours on Tuesday, reaching $31.70. The company’s stock had a trading volume of 6,307 shares, compared to its average volume of 117,805. The firm has a 50 day simple moving average of $31.29. The company has a quick ratio of 0.99, a current ratio of 2.06 and a debt-to-equity ratio of 0.38. ScanSource has a 12 month low of $28.55 and a 12 month high of $44.30. The stock has a market cap of $842.27 million, a P/E ratio of 10.17 and a beta of 0.96.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings results on Thursday, May 9th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.01). ScanSource had a return on equity of 9.90% and a net margin of 1.44%. The firm had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $931.63 million. During the same period in the prior year, the firm posted $0.68 earnings per share. ScanSource’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts expect that ScanSource will post 3.48 EPS for the current fiscal year.

In other news, Director Michael J. Grainger purchased 4,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average cost of $30.69 per share, with a total value of $122,760.00. Following the completion of the acquisition, the director now owns 18,100 shares of the company’s stock, valued at $555,489. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.56% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. GYL Financial Synergies LLC purchased a new stake in shares of ScanSource during the first quarter valued at $892,000. Profit Investment Management LLC grew its holdings in shares of ScanSource by 12.3% during the first quarter. Profit Investment Management LLC now owns 58,209 shares of the industrial products company’s stock valued at $2,085,000 after buying an additional 6,385 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of ScanSource during the fourth quarter valued at $1,297,000. Metropolitan Life Insurance Co. NY grew its holdings in shares of ScanSource by 304.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 8,162 shares of the industrial products company’s stock valued at $281,000 after buying an additional 6,143 shares during the last quarter. Finally, Foundry Partners LLC grew its holdings in shares of ScanSource by 9.0% during the first quarter. Foundry Partners LLC now owns 165,267 shares of the industrial products company’s stock valued at $5,920,000 after buying an additional 13,633 shares during the last quarter. 95.99% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

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