ScanSource (NASDAQ:SCSC) Hits New 12-Month High – What’s Next?

ScanSource, Inc. (NASDAQ:SCSC) shares hit a new 52-week high during trading on Monday . The stock traded as high as $55.99 and last traded at $55.85, with a volume of 3476 shares. The stock had previously closed at $54.88.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SCSC shares. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Wall Street Zen cut shares of ScanSource from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. 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, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Price Performance

The stock’s 50 day moving average price is $50.19 and its two-hundred day moving average price is $42.87. 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 firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 0.86 and a beta of 1.28.

ScanSource (NASDAQ:SCSC) last posted its earnings results 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. 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%. ScanSource’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $0.86 EPS. On average, equities research analysts anticipate that ScanSource, Inc. will post 3.9 EPS for the current year.

Institutional Investors Weigh In On ScanSource

Several hedge funds and other institutional investors have recently made changes to their positions in SCSC. Wasatch Advisors LP lifted its holdings in shares of ScanSource by 34.9% during the third quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock worth $50,130,000 after buying an additional 294,624 shares during the last quarter. LSV Asset Management grew its stake in shares of ScanSource by 40.6% in the fourth quarter. LSV Asset Management now owns 847,863 shares of the industrial products company’s stock worth $33,118,000 after acquiring an additional 244,903 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of ScanSource by 74.4% in the first quarter. SG Americas Securities LLC now owns 494,988 shares of the industrial products company’s stock worth $17,968,000 after acquiring an additional 211,232 shares during the last quarter. Invesco Ltd. increased its position in ScanSource by 56.5% during the fourth quarter. Invesco Ltd. now owns 439,442 shares of the industrial products company’s stock worth $17,165,000 after acquiring an additional 158,722 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in ScanSource by 65.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 389,915 shares of the industrial products company’s stock worth $17,152,000 after acquiring an additional 154,518 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.