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.
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.
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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).
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