ScanSource (NASDAQ:SCSC) Reaches New 52-Week High – Still a Buy?

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

Analyst Ratings Changes

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

ScanSource Stock Performance

The stock has a market capitalization of $1.02 billion, a P/E ratio of 15.23, a P/E/G ratio of 0.84 and a beta of 1.30. 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 stock has a 50 day moving average of $44.46 and a 200 day moving average of $40.71.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.03. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. The firm had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. During the same period last year, the firm posted $0.86 EPS. ScanSource’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities analysts predict that ScanSource, Inc. will post 3.9 EPS for the current year.

Hedge Funds Weigh In On ScanSource

A number of hedge funds have recently modified their holdings of the stock. Amundi grew its stake in ScanSource by 35.1% in the first quarter. Amundi now owns 26,464 shares of the industrial products company’s stock valued at $836,000 after purchasing an additional 6,880 shares in the last quarter. AQR Capital Management LLC increased its holdings in ScanSource by 3.8% in the first quarter. AQR Capital Management LLC now owns 128,574 shares of the industrial products company’s stock worth $4,373,000 after buying an additional 4,693 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ScanSource by 2.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,859 shares of the industrial products company’s stock valued at $471,000 after acquiring an additional 295 shares during the last quarter. Millennium Management LLC grew its position in ScanSource by 8.4% in the first quarter. Millennium Management LLC now owns 259,808 shares of the industrial products company’s stock worth $8,836,000 after acquiring an additional 20,086 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of ScanSource by 35.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 61,513 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 16,044 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.