ScanSource (NASDAQ:SCSC) Sets New 52-Week High – Here’s What Happened

ScanSource, Inc. (NASDAQ:SCSC)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $53.81 and last traded at $53.61, with a volume of 135472 shares trading hands. The stock had previously closed at $51.62.

Analysts Set New Price Targets

Separately, Raymond James lowered ScanSource from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 15th.

ScanSource Price Performance

The company has a current ratio of 2.03, a quick ratio of 1.27 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $48.73 and a 200 day simple moving average of $47.55. The stock has a market capitalization of $1.26 billion, a P/E ratio of 16.54, a price-to-earnings-growth ratio of 1.49 and a beta of 1.44.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. The firm had revenue of $775.58 million during the quarter, compared to analyst estimates of $774.90 million. ScanSource had a return on equity of 8.53% and a net margin of 2.49%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 EPS. On average, analysts expect that ScanSource, Inc. will post 3.51 earnings per share for the current year.

Insider Activity

In other news, CEO Michael L. Baur sold 15,081 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $49.57, for a total value of $747,565.17. Following the completion of the transaction, the chief executive officer now directly owns 177,760 shares of the company’s stock, valued at $8,811,563.20. This represents a 7.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 53,010 shares of company stock valued at $2,611,843 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ScanSource

Several institutional investors have recently modified their holdings of the business. Gladius Capital Management LP purchased a new position in ScanSource in the third quarter valued at approximately $30,000. CWM LLC lifted its position in shares of ScanSource by 164.1% during the second quarter. CWM LLC now owns 647 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 402 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of ScanSource during the third quarter worth $35,000. nVerses Capital LLC purchased a new stake in shares of ScanSource during the second quarter worth $40,000. Finally, Quest Partners LLC purchased a new stake in shares of ScanSource during the second quarter worth $41,000. 97.91% of the stock is owned by institutional investors.

ScanSource Company Profile

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.