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

Shares of ScanSource, Inc. (NASDAQ:SCSC) 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. The stock had previously closed at $53.86.

Analyst Ratings Changes

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

ScanSource Price Performance

The company has a current ratio of 1.86, a quick ratio of 1.20 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.10 billion, a PE ratio of 16.33, a P/E/G ratio of 0.84 and a beta of 1.28. The firm has a 50 day moving average of $47.81 and a two-hundred day moving average of $41.78.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.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 business earned $0.86 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts predict that ScanSource, Inc. will post 3.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ScanSource

Several large investors have recently modified their holdings of SCSC. Wedge Capital Management L L P NC boosted its stake in ScanSource by 2.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock worth $3,812,000 after purchasing an additional 1,963 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in ScanSource during the 2nd quarter valued at about $350,000. Pacer Advisors Inc. increased its stake in ScanSource by 69.7% during the 1st quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock valued at $4,748,000 after purchasing an additional 53,702 shares in the last quarter. California State Teachers Retirement System raised its holdings in ScanSource by 25.5% in the first quarter. California State Teachers Retirement System now owns 26,381 shares of the industrial products company’s stock worth $958,000 after buying an additional 5,363 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in ScanSource by 10.1% in the first quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company’s stock worth $4,664,000 after buying an additional 11,767 shares during 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.