ScanSource (NASDAQ:SCSC) Reaches New 1-Year High – Here’s Why

ScanSource, Inc. (NASDAQ:SCSC) hit a new 52-week high during trading on Tuesday . The stock traded as high as $48.73 and last traded at $48.8350, with a volume of 2125 shares. The stock had previously closed at $48.15.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SCSC shares. 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 raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Weiss Ratings raised shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ScanSource presently has a consensus rating of “Hold” and an average price target of $43.00.

ScanSource Stock Performance

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 firm’s 50 day simple moving average is $42.05 and its 200-day simple moving average is $40.12. The company has a market cap of $993.32 million, a price-to-earnings ratio of 14.81, a PEG ratio of 0.83 and a beta of 1.30.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% 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 in the previous year, the company posted $0.86 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts predict that ScanSource, Inc. will post 3.9 EPS for the current year.

Insider Transactions at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 3,827 shares of ScanSource stock in a transaction on Monday, March 16th. The shares were sold at an average price of $35.89, for a total transaction of $137,351.03. Following the sale, the chief executive officer owned 157,512 shares of the company’s stock, valued at $5,653,105.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ScanSource

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in ScanSource by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after purchasing an additional 78,993 shares during the last quarter. Wasatch Advisors LP boosted its stake in ScanSource by 34.9% during the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock worth $50,130,000 after purchasing an additional 294,624 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of ScanSource by 0.6% during the 1st quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock valued at $33,151,000 after acquiring an additional 5,783 shares during the last quarter. LSV Asset Management boosted its position in shares of ScanSource by 40.6% during the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock valued at $33,118,000 after acquiring an additional 244,903 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of ScanSource by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company’s stock valued at $21,960,000 after acquiring an additional 13,318 shares during 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.