ScanSource, Inc. (NASDAQ:SCSC – Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $58.94 and last traded at $59.2090, with a volume of 61644 shares. The stock had previously closed at $57.13.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the stock. Wall Street Zen lowered shares of ScanSource from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Zacks Research upgraded ScanSource from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Weiss Ratings raised ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ScanSource presently has an average rating of “Hold” and a consensus target price of $43.00.
View Our Latest Research Report on SCSC
ScanSource Stock Up 3.2%
ScanSource (NASDAQ:SCSC – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.94 EPS 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 business had revenue of $758.59 million for the quarter, compared to the consensus estimate of $738.55 million. During the same period in the prior year, the company posted $0.86 earnings per share. ScanSource’s revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts expect that ScanSource, Inc. will post 3.9 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in SCSC. Canada Pension Plan Investment Board bought a new position in shares of ScanSource during the second quarter worth approximately $25,000. Royal Bank of Canada boosted its stake in shares of ScanSource by 165.0% in the fourth quarter. Royal Bank of Canada now owns 1,876 shares of the industrial products company’s stock valued at $73,000 after buying an additional 1,168 shares during the period. Osaic Holdings Inc. boosted its stake in shares of ScanSource by 400.5% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the industrial products company’s stock valued at $87,000 after buying an additional 1,670 shares during the period. Tower Research Capital LLC TRC grew its position in ScanSource by 672.0% during the second 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 in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in ScanSource by 12.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 5,233 shares of the industrial products company’s stock worth $204,000 after acquiring an additional 590 shares during the period. Institutional investors and hedge funds 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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