ScanSource (NASDAQ:SCSC) Sets New 52-Week High – Here’s Why

ScanSource, Inc. (NASDAQ:SCSC) hit a new 52-week high during trading on Monday . The stock traded as high as $46.64 and last traded at $45.7730, with a volume of 12779 shares trading hands. The stock had previously closed at $45.90.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SCSC. Zacks Research raised ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Wall Street Zen downgraded ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ScanSource currently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Price Performance

The stock has a market capitalization of $889.03 million, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.78 and a beta of 1.28. 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 stock has a 50-day simple moving average of $37.77 and a 200 day simple moving average of $39.47.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data 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 return on equity of 9.35% and a net margin of 2.38%.The firm had revenue of $758.59 million during the quarter, compared to analyst estimates of $738.55 million. During the same period last year, the company posted $0.86 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts forecast that ScanSource, Inc. will post 3.91 EPS for the current fiscal year.

Insider Transactions at ScanSource

In other ScanSource news, Director Charles Alexander Mathis acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was purchased at an average cost of $35.20 per share, for a total transaction of $211,200.00. Following the transaction, the director owned 24,793 shares of the company’s stock, valued at $872,713.60. The trade was a 31.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael L. Baur sold 3,827 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $35.89, for a total value of $137,351.03. Following the sale, the chief executive officer owned 157,512 shares of the company’s stock, valued at $5,653,105.68. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.18% of the company’s stock.

Institutional Trading of ScanSource

A number of institutional investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new stake in shares of ScanSource during the 3rd quarter valued at about $611,000. JPMorgan Chase & Co. lifted its holdings in shares of ScanSource by 15.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 430,267 shares of the industrial products company’s stock valued at $18,927,000 after buying an additional 58,947 shares during the last quarter. LSV Asset Management lifted its holdings in shares of ScanSource by 11.9% during the 3rd quarter. LSV Asset Management now owns 602,960 shares of the industrial products company’s stock valued at $26,524,000 after buying an additional 64,300 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of ScanSource by 326.9% during the 3rd quarter. New York State Common Retirement Fund now owns 36,696 shares of the industrial products company’s stock valued at $1,614,000 after buying an additional 28,100 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of ScanSource by 2,835.9% during 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 last quarter. Institutional investors and hedge funds 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.