ScanSource (NASDAQ:SCSC) Reaches New 52-Week High – Still a Buy?

ScanSource, Inc. (NASDAQ:SCSC)’s stock price hit a new 52-week high on Thursday . The company traded as high as $50.72 and last traded at $50.5950, with a volume of 16741 shares trading hands. The stock had previously closed at $49.71.

Analyst Upgrades and Downgrades

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

ScanSource Stock Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 0.86 and a beta of 1.30. The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $44.96 and a 200-day simple moving average of $40.85.

ScanSource (NASDAQ:SCSC) last released 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 company had revenue of $758.59 million during the quarter, compared to the consensus estimate of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 earnings per share. Analysts forecast that ScanSource, Inc. will post 3.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SCSC. Amundi raised its stake 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 buying an additional 6,880 shares during the last quarter. AQR Capital Management LLC grew its holdings in ScanSource by 3.8% during the 1st 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 period. 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 valued at $471,000 after acquiring an additional 295 shares during the last quarter. Millennium Management LLC lifted its stake in shares of ScanSource by 8.4% in the 1st quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock valued at $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 boosted its position 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 and hedge funds.

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.