ScanSource (NASDAQ:SCSC) Hits New 1-Year High – Still a Buy?

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

Analyst Upgrades and Downgrades

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

ScanSource Stock Down 0.2%

The firm has a 50 day moving average price of $43.10 and a 200-day moving average price of $40.38. 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 $1.00 billion, a PE ratio of 14.93, a PEG ratio of 0.84 and a beta of 1.30.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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%.The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. Research analysts forecast that ScanSource, Inc. will post 3.9 EPS for the current fiscal year.

Hedge Funds Weigh In On ScanSource

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in shares of ScanSource by 15.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock worth $18,927,000 after acquiring an additional 58,947 shares in the last quarter. SG Americas Securities LLC raised its position in shares of ScanSource by 2,835.9% during the 4th quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company’s stock worth $11,084,000 after acquiring an additional 274,091 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of ScanSource by 333.8% during the 4th quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock worth $5,978,000 after acquiring an additional 117,762 shares in the last quarter. Vanguard Group Inc. raised its position in shares of ScanSource by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after acquiring an additional 78,993 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of ScanSource during the 3rd quarter worth about $933,000. Hedge funds and other 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.