Shares of ScanSource, Inc. (NASDAQ:SCSC – Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $41.40 and traded as high as $51.83. ScanSource shares last traded at $51.63, with a volume of 181,710 shares trading hands.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on SCSC shares. Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Wall Street Zen raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Zacks Research upgraded 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $43.00.
Read Our Latest Analysis on ScanSource
ScanSource Stock Up 0.2%
ScanSource (NASDAQ:SCSC – Get Free Report) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.91 by $0.03. The firm had revenue of $758.59 million during 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%.The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 earnings per share. As a group, sell-side analysts anticipate that ScanSource, Inc. will post 3.9 EPS for the current fiscal year.
Hedge Funds Weigh In On ScanSource
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of ScanSource by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock worth $110,423,000 after buying an additional 78,993 shares during the last quarter. Wasatch Advisors LP boosted its holdings in shares of ScanSource by 34.9% during the 3rd quarter. Wasatch Advisors LP now owns 1,139,573 shares of the industrial products company’s stock valued at $50,130,000 after acquiring an additional 294,624 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in shares of ScanSource by 0.6% during the 1st quarter. Pzena Investment Management LLC now owns 913,239 shares of the industrial products company’s stock valued at $33,151,000 after acquiring an additional 5,783 shares in the last quarter. LSV Asset Management grew its position in ScanSource by 40.6% during the 4th 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. Finally, Geode Capital Management LLC grew its position in ScanSource by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 562,109 shares of the industrial products company’s stock worth $21,960,000 after acquiring an additional 13,318 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.
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.
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