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

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

Wall Street Analysts Forecast Growth

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

ScanSource Stock Performance

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

ScanSource (NASDAQ:SCSC) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.03. The business had revenue of $758.59 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company posted $0.86 EPS. On average, research analysts anticipate that ScanSource, Inc. will post 3.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ScanSource

A number of hedge funds have recently modified their holdings of SCSC. Canada Pension Plan Investment Board acquired a new stake in ScanSource during the second quarter worth about $25,000. Royal Bank of Canada grew its stake in shares of ScanSource by 165.0% in the 4th quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after buying an additional 1,168 shares during the period. Osaic Holdings Inc. increased 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 buying an additional 1,670 shares during the last quarter. Tower Research Capital LLC TRC increased 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 buying an additional 4,032 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of ScanSource by 12.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock valued at $204,000 after buying an additional 590 shares during the period. 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.