ScanSource (NASDAQ:SCSC) Rating Lowered to Sell at BidaskClub

ScanSource (NASDAQ:SCSC) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Friday, May 10th, BidAskClub reports.

SCSC has been the topic of several other research reports. Zacks Investment Research raised ScanSource from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Saturday, February 9th. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, May 6th. Finally, ValuEngine cut ScanSource from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. ScanSource currently has a consensus rating of “Hold” and an average price target of $44.50.

Shares of NASDAQ SCSC traded down $0.80 during midday trading on Friday, hitting $30.88. 113,026 shares of the stock traded hands, compared to its average volume of 113,085. ScanSource has a one year low of $30.04 and a one year high of $44.30. The company has a market cap of $804.48 million, a price-to-earnings ratio of 9.93 and a beta of 0.72. 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 (NASDAQ:SCSC) last announced 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 company had revenue of $893.40 million for the quarter, compared to the consensus estimate of $931.63 million. During the same quarter last year, the company posted $0.68 EPS. The company’s quarterly revenue was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that ScanSource will post 3.48 earnings per share for the current year.

In other news, Director Michael J. Grainger purchased 4,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $30.69 per share, with a total value of $122,760.00. Following the transaction, the director now directly owns 18,100 shares of the company’s stock, valued at $555,489. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael L. Baur sold 10,604 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $37.38, for a total value of $396,377.52. Following the transaction, the chief executive officer now directly owns 47,678 shares in the company, valued at approximately $1,782,203.64. The disclosure for this sale can be found here. 2.56% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Investors Research Corp bought a new position in ScanSource in the 1st quarter worth about $25,000. Resources Investment Advisors Inc. bought a new position in ScanSource in the 1st quarter worth about $36,000. One Wealth Advisors LLC bought a new position in ScanSource in the 1st quarter worth about $44,000. PNC Financial Services Group Inc. increased its stake in ScanSource by 32.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 313 shares during the last quarter. Finally, Quantamental Technologies LLC bought a new position in ScanSource in the 4th quarter worth about $45,000. Institutional investors own 97.82% of the company’s stock.

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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