ScanSource (NASDAQ:SCSC) Reaches New 1-Year High – Time to Buy?

Shares of ScanSource, Inc. (NASDAQ:SCSC) reached a new 52-week high during trading on Thursday . The stock traded as high as $50.72 and last traded at $50.5950, with a volume of 16741 shares trading hands. The stock had previously closed at $49.71.

Analyst Ratings Changes

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

ScanSource Trading Up 1.3%

The firm has a market cap of $1.02 billion, a PE ratio of 15.23, a PEG ratio of 0.84 and a beta of 1.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The stock’s fifty day simple moving average is $44.46 and its 200-day simple moving average is $40.71.

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The business had revenue of $758.59 million during the quarter, compared to analysts’ expectations of $738.55 million. During the same quarter in the previous year, the company earned $0.86 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts forecast that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Institutional Investors Weigh In On ScanSource

A number of institutional investors and hedge funds have recently made changes to their positions in SCSC. JPMorgan Chase & Co. grew its stake in shares of ScanSource by 15.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock valued at $18,927,000 after purchasing an additional 58,947 shares during the last quarter. SG Americas Securities LLC increased its stake in ScanSource by 2,835.9% in the 4th quarter. SG Americas Securities LLC now owns 283,756 shares of the industrial products company’s stock valued at $11,084,000 after buying an additional 274,091 shares during the period. Teacher Retirement System of Texas raised its position in ScanSource by 333.8% during the 4th quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock worth $5,978,000 after buying an additional 117,762 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of ScanSource in the third quarter valued at about $933,000. Finally, Vanguard Group Inc. increased its stake in shares of ScanSource by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after acquiring an additional 78,993 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.