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

ScanSource (NASDAQ:SCSC) issued its quarterly earnings results on Thursday. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.32, FiscalAI reports. The business had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%.

ScanSource Stock Performance

ScanSource stock opened at $51.42 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. ScanSource has a 12 month low of $33.76 and a 12 month high of $59.60. The company has a fifty day moving average price of $52.91 and a two-hundred day moving average price of $44.39. The company has a market cap of $1.05 billion, a PE ratio of 15.58, a P/E/G ratio of 0.81 and a beta of 1.28.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Amundi lifted its holdings in ScanSource by 35.1% in the first quarter. Amundi now owns 26,464 shares of the industrial products company’s stock worth $836,000 after acquiring an additional 6,880 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of ScanSource by 3.8% during the first quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock valued at $4,373,000 after purchasing an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of ScanSource by 2.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after purchasing an additional 295 shares during the period. Millennium Management LLC raised its position in shares of ScanSource by 8.4% during the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after purchasing an additional 20,086 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of ScanSource by 35.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 16,044 shares during 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.