ValuEngine Lowers ScanSource (NASDAQ:SCSC) to Strong Sell

ValuEngine lowered shares of ScanSource (NASDAQ:SCSC) from a sell rating to a strong sell rating in a research report report published on Wednesday morning, ValuEngine reports.

SCSC has been the topic of several other research reports. Zacks Investment Research upgraded ScanSource from a sell rating to a hold rating in a report on Tuesday, August 20th. TheStreet lowered ScanSource from a b- rating to a c+ rating in a report on Friday, May 17th. Raymond James dropped their target price on ScanSource from $44.00 to $36.00 and set an outperform rating on the stock in a report on Wednesday, August 21st. Finally, BidaskClub lowered ScanSource from a hold rating to a sell rating in a report on Saturday, August 24th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $39.00.

Shares of SCSC opened at $28.55 on Wednesday. ScanSource has a 12-month low of $26.84 and a 12-month high of $44.30. The business has a 50-day simple moving average of $31.06 and a two-hundred day simple moving average of $33.84. The company has a quick ratio of 1.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.38. The stock has a market cap of $716.09 million, a PE ratio of 8.44 and a beta of 0.98.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Tuesday, August 20th. The industrial products company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.12). The company had revenue of $960.80 million during the quarter, compared to analyst estimates of $999.63 million. ScanSource had a net margin of 1.49% and a return on equity of 9.60%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS. On average, equities research analysts expect that ScanSource will post 3.03 EPS for the current year.

Large investors have recently added to or reduced their stakes in the business. United Services Automobile Association lifted its stake in ScanSource by 4.6% during the second quarter. United Services Automobile Association now owns 106,514 shares of the industrial products company’s stock worth $3,468,000 after purchasing an additional 4,661 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in ScanSource during the second quarter worth about $3,233,000. Victory Capital Management Inc. lifted its stake in ScanSource by 842.6% during the second quarter. Victory Capital Management Inc. now owns 454,678 shares of the industrial products company’s stock worth $14,804,000 after purchasing an additional 406,441 shares during the last quarter. Citadel Advisors LLC lifted its stake in ScanSource by 93.4% during the second quarter. Citadel Advisors LLC now owns 41,128 shares of the industrial products company’s stock worth $1,339,000 after purchasing an additional 19,860 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in ScanSource by 115.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 48,616 shares of the industrial products company’s stock worth $1,583,000 after purchasing an additional 26,016 shares during the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

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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