ScanSource (NASDAQ:SCSC) Reaches New 52-Week High – Here’s Why

Shares of ScanSource, Inc. (NASDAQ:SCSC) hit a new 52-week high during trading on Tuesday . The stock traded as high as $55.15 and last traded at $54.24, with a volume of 170705 shares trading hands. The stock had previously closed at $54.79.

Wall Street Analyst Weigh In

SCSC has been the subject of several recent analyst reports. 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, July 18th. 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 research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $43.00.

ScanSource Price Performance

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 company has a market capitalization of $1.11 billion, a PE ratio of 16.61, a PEG ratio of 0.86 and a beta of 1.28. The firm has a 50-day moving average of $49.17 and a 200 day moving average of $42.42.

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

Institutional Investors Weigh In On ScanSource

Several institutional investors and hedge funds have recently added to or reduced their stakes in SCSC. Amundi raised its stake in ScanSource by 35.1% during the 1st quarter. Amundi now owns 26,464 shares of the industrial products company’s stock valued at $836,000 after buying an additional 6,880 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of ScanSource by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after buying an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ScanSource by 2.2% in 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 period. Millennium Management LLC grew its holdings in shares of ScanSource by 8.4% in 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 period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 valued at $2,092,000 after acquiring an additional 16,044 shares during the last quarter. Hedge funds and other institutional investors 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.