ScanSource (NASDAQ:SCSC) Hits New 12-Month High – Should You Buy?

ScanSource, Inc. (NASDAQ:SCSC)’s share price hit a new 52-week high 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.

Wall Street Analyst Weigh In

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

ScanSource Stock Up 0.3%

The firm’s 50 day moving average price is $42.58 and its 200-day moving average price is $40.26. 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 company has a market cap of $1.02 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 0.85 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 for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business had revenue of $758.59 million for the quarter, compared to analyst estimates of $738.55 million. During the same period in the prior year, the business posted $0.86 earnings per share. ScanSource’s revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts expect that ScanSource, Inc. will post 3.9 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SCSC. Canada Pension Plan Investment Board bought a new stake in ScanSource in the second quarter valued at about $25,000. Royal Bank of Canada boosted its holdings in ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after buying an additional 1,168 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in ScanSource by 400.5% during the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock worth $87,000 after buying an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company’s stock worth $194,000 after buying an additional 4,032 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in shares of ScanSource by 12.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock worth $204,000 after buying an additional 590 shares during the period. 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.