ScanSource (SCSC) Sets New 12-Month High on Earnings Beat

ScanSource, Inc. (NASDAQ:SCSC) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $44.30 and last traded at $41.70, with a volume of 53720 shares changing hands. The stock had previously closed at $41.63.

The industrial products company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The business had revenue of $972.90 million during the quarter, compared to the consensus estimate of $976.97 million. ScanSource had a net margin of 1.11% and a return on equity of 9.60%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 EPS.

Several brokerages have recently weighed in on SCSC. Raymond James boosted their price objective on shares of ScanSource from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, August 29th. BidaskClub raised shares of ScanSource from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Zacks Investment Research cut shares of ScanSource from a “buy” rating to a “hold” rating in a report on Friday, August 31st. Finally, ValuEngine raised shares of ScanSource from a “sell” rating to a “hold” rating in a report on Tuesday, October 23rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $46.00.

In other news, CEO Michael L. Baur sold 13,747 shares of ScanSource stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $44.00, for a total value of $604,868.00. Following the transaction, the chief executive officer now directly owns 49,446 shares of the company’s stock, valued at approximately $2,175,624. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gerald Lyons sold 600 shares of ScanSource stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $44.00, for a total transaction of $26,400.00. Following the completion of the transaction, the chief financial officer now directly owns 12,937 shares in the company, valued at $569,228. The disclosure for this sale can be found here. Insiders own 2.35% of the company’s stock.

Several institutional investors have recently made changes to their positions in SCSC. BlackRock Inc. increased its holdings in shares of ScanSource by 12.8% in the 2nd quarter. BlackRock Inc. now owns 4,127,282 shares of the industrial products company’s stock valued at $166,329,000 after acquiring an additional 469,872 shares during the period. CCM Investment Advisers LLC acquired a new position in shares of ScanSource in the 3rd quarter valued at $3,111,000. Assenagon Asset Management S.A. acquired a new position in shares of ScanSource in the 3rd quarter valued at $1,789,000. Acadian Asset Management LLC increased its holdings in shares of ScanSource by 212.2% in the 3rd quarter. Acadian Asset Management LLC now owns 61,860 shares of the industrial products company’s stock valued at $2,468,000 after acquiring an additional 42,043 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in ScanSource by 12.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 376,540 shares of the industrial products company’s stock valued at $15,175,000 after buying an additional 41,980 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

The company has a current ratio of 1.92, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.07 billion, a PE ratio of 13.59 and a beta of 0.72.

ILLEGAL ACTIVITY WARNING: This story was posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this story on another publication, it was illegally stolen and reposted in violation of US and international trademark and copyright law. The legal version of this story can be read at https://sportsperspectives.com/2018/11/09/scansource-scsc-sets-new-12-month-high-on-earnings-beat.html.

ScanSource Company Profile (NASDAQ:SCSC)

ScanSource, Inc distributes technology products and solutions in North America, Latin America, and Europe. It operates in two segments, Worldwide Barcode, Networking & Security (WW Barcode, Networking & Security); and Worldwide Communications & Services (WW Communications & Services).

Read More: Conference Calls and Individual Investors

Receive News & Ratings for ScanSource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ScanSource and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply