ScanSource (NASDAQ:SCSC) Sets New 1-Year High – Here’s What Happened

Shares of ScanSource, Inc. (NASDAQ:SCSC) reached a new 52-week high on Wednesday . The company traded as high as $52.42 and last traded at $52.09, with a volume of 183959 shares. The stock had previously closed at $51.28.

Analysts Set New Price Targets

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

ScanSource Stock Up 1.6%

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 0.88 and a beta of 1.30. The business has a fifty day simple moving average of $45.46 and a two-hundred day simple moving average of $40.99. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last issued 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 quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 EPS. Equities analysts expect that ScanSource, Inc. will post 3.9 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Wasatch Advisors LP lifted its holdings in shares of ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after acquiring an additional 294,624 shares during the period. SG Americas Securities LLC grew its holdings in shares of ScanSource by 2,835.9% in the 4th quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company’s stock worth $11,084,000 after purchasing an additional 274,091 shares during the last quarter. LSV Asset Management grew its holdings in shares of ScanSource by 40.6% in the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock worth $33,118,000 after purchasing an additional 244,903 shares during the last quarter. Invesco Ltd. grew its holdings in shares of ScanSource by 56.5% in the 4th quarter. Invesco Ltd. now owns 439,442 shares of the industrial products company’s stock worth $17,165,000 after purchasing an additional 158,722 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of ScanSource by 65.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 389,915 shares of the industrial products company’s stock worth $17,152,000 after purchasing an additional 154,518 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

ScanSource Company Profile

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.