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

Shares of ScanSource, Inc. (NASDAQ:SCSC) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $55.15 and last traded at $54.24, with a volume of 170705 shares trading hands. The stock had previously closed at $54.79.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wall Street Zen downgraded ScanSource from a “buy” rating to a “hold” rating in a report on Saturday. 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 upgraded shares of ScanSource from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ScanSource currently has a consensus rating of “Hold” and a consensus target price of $43.00.

ScanSource Stock Performance

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 has a market capitalization of $1.10 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 0.85 and a beta of 1.28. The company has a fifty day moving average of $48.67 and a two-hundred day moving average of $42.19.

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. The company had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. ScanSource had a return on equity of 9.35% and a net margin of 2.38%.ScanSource’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. On average, equities analysts anticipate that ScanSource, Inc. will post 3.9 EPS for the current year.

Hedge Funds Weigh In On ScanSource

Several large investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new position in ScanSource in the second quarter worth $25,000. Royal Bank of Canada raised its holdings in shares of ScanSource by 165.0% during the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock worth $73,000 after purchasing an additional 1,168 shares during the period. Osaic Holdings Inc. lifted its position in shares of ScanSource by 400.5% in 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 lifted its position in shares of ScanSource by 672.0% in 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. boosted its holdings in shares of ScanSource by 12.7% in 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. 97.91% of the stock is currently owned by institutional investors.

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.