ScanSource (NASDAQ:SCSC) Releases Quarterly Earnings Results, Beats Expectations By $0.32 EPS

ScanSource (NASDAQ:SCSC) released its earnings results on Thursday. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.32, FiscalAI reports. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The company had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. During the same period in the prior year, the firm posted $1.02 EPS. ScanSource’s quarterly revenue was up 17.3% on a year-over-year basis.

ScanSource Stock Performance

Shares of ScanSource stock opened at $51.42 on Thursday. The company’s 50 day moving average price is $52.91 and its two-hundred day moving average price is $44.39. The firm has a market capitalization of $1.05 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.81 and a beta of 1.28. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $59.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20.

Analysts Set New Price Targets

A number of brokerages have issued reports on SCSC. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a research note on Monday. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, ScanSource currently has a consensus rating of “Hold” and an average price target of $43.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in ScanSource during the 2nd quarter worth $25,000. Royal Bank of Canada raised its position in ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after purchasing an additional 1,168 shares during the last quarter. Osaic Holdings Inc. boosted its stake in shares of ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after purchasing an additional 1,670 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of ScanSource by 672.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 4,032 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of ScanSource during the fourth quarter worth about $223,000. 97.91% of the stock is currently owned by institutional investors.

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.