ScanSource (NASDAQ:SCSC) Issues Quarterly Earnings Results

ScanSource (NASDAQ:SCSC) announced its quarterly earnings results on Thursday. The industrial products company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.14 by $0.32, FiscalAI reports. The company had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.

ScanSource Stock Down 1.7%

NASDAQ SCSC opened at $51.42 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. ScanSource has a fifty-two week low of $33.76 and a fifty-two week high of $59.60. The business has a 50 day moving average price of $52.91 and a two-hundred day moving average price of $44.39. The stock has a market cap of $1.05 billion, a PE ratio of 15.58, a P/E/G ratio of 0.81 and a beta of 1.28.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP grew its stake in shares of ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after acquiring an additional 294,624 shares in the last quarter. Invesco Ltd. lifted its stake in shares of ScanSource by 56.5% in the fourth quarter. Invesco Ltd. now owns 439,442 shares of the industrial products company’s stock worth $17,165,000 after acquiring an additional 158,722 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of ScanSource by 65.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 389,915 shares of the industrial products company’s stock worth $17,152,000 after acquiring an additional 154,518 shares in the last quarter. Jane Street Group LLC boosted its holdings in ScanSource by 148.3% in the first quarter. Jane Street Group LLC now owns 199,799 shares of the industrial products company’s stock valued at $6,795,000 after purchasing an additional 119,317 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in ScanSource by 1,177.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 120,200 shares of the industrial products company’s stock valued at $5,288,000 after purchasing an additional 110,787 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SCSC has been the subject of a number of research reports. Northcoast Research cut ScanSource from a “buy” rating to a “neutral” rating in a report on Monday. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. 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. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $43.00.

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.