ScanSource, Inc. (NASDAQ:SCSC) Downgraded by BidaskClub to Strong Sell

BidaskClub cut shares of ScanSource, Inc. (NASDAQ:SCSC) from a sell rating to a strong sell rating in a report released on Tuesday morning.

Separately, Zacks Investment Research raised ScanSource from a hold rating to a buy rating and set a $45.00 price objective for the company in a report on Saturday, May 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $45.17.

ScanSource (NASDAQ:SCSC) traded down 0.79% during trading on Tuesday, hitting $37.60. 69,317 shares of the company’s stock traded hands. The company has a market cap of $951.81 million, a PE ratio of 15.26 and a beta of 1.16. The company’s 50 day moving average price is $39.72 and its 200 day moving average price is $39.71. ScanSource has a 52-week low of $29.05 and a 52-week high of $44.95.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.66 by $0.01. ScanSource had a return on equity of 8.41% and a net margin of 1.79%. The firm had revenue of $813.50 million during the quarter, compared to analysts’ expectations of $833.10 million. During the same period last year, the business posted $0.64 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. Analysts expect that ScanSource will post $2.76 earnings per share for the current year.

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In other ScanSource news, CEO Michael L. Baur sold 67,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $39.07, for a total value of $2,617,690.00. Following the completion of the transaction, the chief executive officer now owns 47,890 shares in the company, valued at approximately $1,871,062.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven R. Fischer sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $40.13, for a total value of $200,650.00. Following the completion of the transaction, the director now owns 25,867 shares of the company’s stock, valued at approximately $1,038,042.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,000 shares of company stock valued at $3,019,290. 3.03% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of ScanSource by 42,757.8% in the first quarter. BlackRock Inc. now owns 3,121,763 shares of the industrial products company’s stock valued at $122,529,000 after buying an additional 3,114,479 shares in the last quarter. Norges Bank bought a new position in shares of ScanSource during the fourth quarter valued at approximately $13,481,000. Oxford Asset Management bought a new position in shares of ScanSource during the first quarter valued at approximately $1,111,000. Nordea Investment Management AB increased its position in shares of ScanSource by 1.0% in the first quarter. Nordea Investment Management AB now owns 373,252 shares of the industrial products company’s stock valued at $14,650,000 after buying an additional 3,641 shares in the last quarter. Finally, Seizert Capital Partners LLC bought a new position in shares of ScanSource during the first quarter valued at approximately $1,486,000. Institutional investors and hedge funds own 94.39% of the company’s stock.

About ScanSource

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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