ScanSource (NASDAQ:SCSC) Reaches New 52-Week High – Here’s What Happened

ScanSource, Inc. (NASDAQ:SCSC)’s share price reached a new 52-week high on Monday . The stock traded as high as $50.43 and last traded at $50.5310, with a volume of 138563 shares. The stock had previously closed at $50.01.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SCSC shares. Zacks Research raised shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $43.00.

ScanSource Price Performance

The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.02 billion, a P/E ratio of 15.21, a PEG ratio of 0.85 and a beta of 1.30. The company has a fifty day moving average price of $42.58 and a two-hundred day moving average price of $40.26.

ScanSource (NASDAQ:SCSC) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The business had revenue of $758.59 million during the quarter, compared to analysts’ expectations of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.ScanSource’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 EPS. Equities analysts anticipate that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Institutional Investors Weigh In On ScanSource

Several large investors have recently made changes to their positions in SCSC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ScanSource by 2.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 295 shares during the period. Royce & Associates LP boosted its stake in ScanSource by 1.7% in the 4th quarter. Royce & Associates LP now owns 26,088 shares of the industrial products company’s stock worth $1,019,000 after purchasing an additional 433 shares during the period. Summit Global Investments increased its holdings in ScanSource by 3.3% during the 4th quarter. Summit Global Investments now owns 14,177 shares of the industrial products company’s stock worth $554,000 after purchasing an additional 451 shares in the last quarter. WINTON GROUP Ltd increased its holdings in ScanSource by 2.0% during the 4th quarter. WINTON GROUP Ltd now owns 26,020 shares of the industrial products company’s stock worth $1,016,000 after purchasing an additional 510 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of ScanSource by 1.6% in the 3rd quarter. Franklin Resources Inc. now owns 36,424 shares of the industrial products company’s stock valued at $1,602,000 after purchasing an additional 567 shares during the period. Institutional investors own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.