ScanSource (NASDAQ:SCSC) Sets New 52-Week High - Time to Buy?

Key Points

• ScanSource shares hit a new 52-week high, trading as high as $53.41 and last changing hands at $53.31, up 3.3% on the day.
• Recent analyst moves were mixed but slightly improved, with Wall Street Zen upgrading the stock to buy while the overall consensus remains Hold and the average price target sits at $43.00.
• The company posted better-than-expected earnings for its latest quarter, topping EPS and revenue estimates and showing 8.8% year-over-year revenue growth.

Shares of ScanSource, Inc. (NASDAQ:SCSC - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $53.41 and last traded at $53.31, with a volume of 75616 shares trading hands. The stock had previously closed at $51.63.

Analyst Ratings Changes

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

ScanSource Stock Up 3.3%

The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 0.80 and a beta of 1.28. The business's 50 day moving average price is $46.81 and its 200 day moving average price is $41.40. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 1.86.

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

Hedge Funds Weigh In On ScanSource

A number of large investors have recently bought and sold shares of SCSC. Vanguard Group Inc. grew its holdings in ScanSource by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company's stock valued at $110,423,000 after purchasing an additional 78,993 shares during the period. Wasatch Advisors LP lifted its position in shares of ScanSource by 34.9% during the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company's stock valued at $50,130,000 after buying an additional 294,624 shares in the last quarter. Pzena Investment Management LLC grew its stake in ScanSource by 0.6% in the 1st quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company's stock valued at $33,151,000 after acquiring an additional 5,783 shares during the period. LSV Asset Management grew its stake in ScanSource by 40.6% in the 4th quarter. LSV Asset Management now owns 847,863 shares of the industrial products company's stock valued at $33,118,000 after acquiring an additional 244,903 shares during the period. Finally, Geode Capital Management LLC increased its holdings in ScanSource by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company's stock worth $21,960,000 after acquiring an additional 13,318 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

ScanSource Company Profile

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.