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

Shares of ScanSource, Inc. (NASDAQ:SCSC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $53.41 and last traded at $53.31, with a volume of 75616 shares. The stock had previously closed at $51.63.

Analysts Set New Price Targets

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

ScanSource Stock Down 0.7%

The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 0.83 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The business has a fifty day moving average price of $47.32 and a two-hundred day moving average price of $41.57.

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. The firm had revenue of $758.59 million for the quarter, compared to analyst estimates of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. On average, equities analysts expect that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Institutional Trading of ScanSource

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in shares of ScanSource in the 2nd quarter valued at about $25,000. Royal Bank of Canada boosted its position 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 purchasing an additional 1,168 shares in the last quarter. Osaic Holdings Inc. boosted its position 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 purchasing an additional 1,670 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in 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 purchasing an additional 4,032 shares during the period. Finally, Harbor Capital Advisors Inc. increased its position in shares of ScanSource by 12.7% in 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. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.