ScanSource (NASDAQ:SCSC) Hits New 52-Week High - Here's What Happened

Key Points

• ScanSource shares hit a new 52-week high, trading as high as $54.57 after closing at $53.86 the prior day. The move came on volume of 127,211 shares.
• Recent analyst sentiment has improved, including a Wall Street Zen upgrade to buy, though the stock’s overall consensus rating remains Hold with a $43 price target.
• The company posted better-than-expected quarterly results, with EPS of $0.94 topping estimates and revenue rising 8.8% year over year to $758.59 million.

Shares of ScanSource, Inc. (NASDAQ:SCSC - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $54.57 and last traded at $53.89, with a volume of 127211 shares changing hands. The stock had previously closed at $53.86.

Analyst Upgrades and Downgrades

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

ScanSource Stock Performance

The company has a quick ratio of 1.20, a current ratio of 1.86 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.10 billion, a P/E ratio of 16.33, a P/E/G ratio of 0.84 and a beta of 1.28. The business has a fifty day moving average of $47.81 and a 200 day moving average of $41.78.

ScanSource (NASDAQ:SCSC - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. The business had revenue of $758.59 million for the quarter, compared to analysts' expectations of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 earnings per share. On average, equities analysts predict that ScanSource, Inc. will post 3.9 EPS for the current year.

Hedge Funds Weigh In On ScanSource

Several hedge funds and other institutional investors have recently modified their holdings of SCSC. Canada Pension Plan Investment Board bought a new position in ScanSource in the second quarter worth about $25,000. Royal Bank of Canada boosted its position in ScanSource by 165.0% during the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company's stock valued at $73,000 after acquiring an additional 1,168 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of ScanSource by 400.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company's stock worth $87,000 after acquiring an additional 1,670 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of ScanSource by 672.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,632 shares of the industrial products company's stock worth $194,000 after acquiring an additional 4,032 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in shares of ScanSource by 12.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company's stock worth $204,000 after acquiring an additional 590 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.

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