ScanSource (NASDAQ:SCSC) Share Price Crosses Above 200-Day Moving Average – Here’s Why

ScanSource, Inc. (NASDAQ:SCSC)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $39.47 and traded as high as $45.55. ScanSource shares last traded at $43.3870, with a volume of 451,767 shares.

Analyst Ratings Changes

A number of research firms have weighed in on SCSC. Zacks Research raised shares of ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Wall Street Zen cut shares of ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Trading Up 6.0%

The company has a quick ratio of 1.22, a current ratio of 1.96 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $37.77 and its two-hundred day simple moving average is $39.47. The company has a market cap of $931.95 million, a price-to-earnings ratio of 13.31, a PEG ratio of 0.69 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.44% and a return on equity of 9.35%. The company had revenue of $758.59 million for the quarter, compared to analysts’ expectations of $738.55 million. During the same quarter last year, the company earned $0.86 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities analysts predict that ScanSource, Inc. will post 3.94 EPS for the current year.

Insider Buying and Selling

In other ScanSource news, Director Charles Alexander Mathis bought 6,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were acquired at an average cost of $35.20 per share, for a total transaction of $211,200.00. Following the completion of the transaction, the director owned 24,793 shares in the company, valued at approximately $872,713.60. The trade was a 31.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael L. Baur sold 21,173 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $35.76, for a total transaction of $757,146.48. Following the transaction, the chief executive officer owned 161,339 shares in the company, valued at approximately $5,769,482.64. This trade represents a 11.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.18% of the company’s stock.

Hedge Funds Weigh In On ScanSource

A number of hedge funds have recently modified their holdings of SCSC. Amundi grew its position in shares of ScanSource by 35.1% during 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 position 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 worth $4,373,000 after acquiring an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ScanSource by 2.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock worth $471,000 after acquiring an additional 295 shares during the last quarter. Millennium Management LLC grew its position in shares of ScanSource by 8.4% during the first quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after acquiring an additional 20,086 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of ScanSource by 35.3% during the first 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 acquiring an additional 16,044 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other 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.