ScanSource (NASDAQ:SCSC) Hits New 1-Year High – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Weiss Ratings upgraded ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research 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 raised ScanSource from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.00.

ScanSource Stock Down 2.8%

The firm has a 50 day simple moving average of $45.93 and a two-hundred day simple moving average of $41.12. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86. The stock has a market cap of $1.03 billion, a P/E ratio of 15.42, a P/E/G ratio of 0.81 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last announced its quarterly 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. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The company had revenue of $758.59 million during the quarter, compared to analyst estimates of $738.55 million. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Institutional Trading of ScanSource

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new stake in ScanSource in the second quarter worth approximately $25,000. Royal Bank of Canada raised its stake in shares of ScanSource by 165.0% in the 4th 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 in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of ScanSource by 400.5% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after buying an additional 1,670 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of ScanSource by 672.0% in 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 buying an additional 4,032 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its stake in ScanSource by 12.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock valued at $204,000 after buying an additional 590 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.