ScanSource (NASDAQ:SCSC) Issues Quarterly Earnings Results

Key Points

• ScanSource exceeded quarterly expectations, reporting adjusted EPS of $1.46 versus the $1.14 consensus estimate and revenue of $953.11 million compared with forecasts of $814.35 million.
• Shares opened at $51.42 and were down 1.7%, despite strong earnings; the stock remains above its 52-week low of $33.76 but below its $59.60 high.
• Institutional investors own 97.91% of ScanSource, while analyst sentiment remains mixed with a consensus “Hold” rating and an average price target of $43.00.

ScanSource (NASDAQ:SCSC - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source