ScanSource (NASDAQ:SCSC) Reaches New 12-Month High – Here’s Why

ScanSource, Inc. (NASDAQ:SCSC)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $54.57 and last traded at $53.89, with a volume of 127211 shares. The stock had previously closed at $53.86.

Wall Street Analysts Forecast Growth

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

ScanSource Price Performance

The company’s 50-day moving average is $48.28 and its 200-day moving average is $41.98. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 0.83 and a beta of 1.28. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 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 the consensus estimate of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The company’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 earnings per share. Equities research analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Institutional Trading of ScanSource

Several large investors have recently bought and sold shares of SCSC. JPMorgan Chase & Co. lifted its holdings in shares of ScanSource by 15.9% in the third 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 during the last quarter. SG Americas Securities LLC grew its holdings 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 valued at $11,084,000 after purchasing an additional 274,091 shares during the last quarter. Teacher Retirement System of Texas grew its holdings 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 valued at $5,978,000 after purchasing an additional 117,762 shares during the last quarter. Vanguard Group Inc. increased its position in 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 purchasing an additional 78,993 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its position in ScanSource by 65.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 133,593 shares of the industrial products company’s stock worth $5,222,000 after purchasing an additional 52,763 shares in the last quarter. 97.91% of the stock is 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.