ScanSource (NASDAQ:SCSC) Hits New 1-Year High – Here’s Why
by Mitch Edgeman · The Markets DailyShares of ScanSource, Inc. (NASDAQ:SCSC – Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $58.94 and last traded at $59.2090, with a volume of 61644 shares. The stock had previously closed at $57.13.
Analyst Ratings Changes
Several analysts recently weighed in on SCSC shares. Wall Street Zen downgraded ScanSource from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.00.
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ScanSource Stock Performance
The company’s fifty day moving average is $51.78 and its 200 day moving average is $43.55. 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 company has a market capitalization of $1.16 billion, a P/E ratio of 17.28, a P/E/G ratio of 0.91 and a beta of 1.28.
ScanSource (NASDAQ:SCSC – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.The company had revenue of $758.59 million for the quarter, compared to analyst estimates of $738.55 million. During the same period in the previous year, the company posted $0.86 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities analysts anticipate that ScanSource, Inc. will post 3.9 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SCSC. Bank of New York Mellon Corp purchased a new position in shares of ScanSource during the 2nd quarter valued at about $7,036,000. State of Wyoming purchased a new position in shares of ScanSource in the second quarter worth about $522,000. Summit Global Investments bought a new stake in shares of ScanSource in the 2nd quarter valued at about $738,000. Wedge Capital Management L L P NC increased its stake in ScanSource by 2.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock worth $3,812,000 after purchasing an additional 1,963 shares during the period. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in shares of ScanSource during the second quarter valued at approximately $350,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.
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.