ScanSource (NASDAQ:SCSC) Reaches New 12-Month High – Should You Buy?

ScanSource, Inc. (NASDAQ:SCSC) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $53.99 and last traded at $53.99, with a volume of 278 shares traded. The stock had previously closed at $52.80.

Analysts Set New Price Targets

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

ScanSource Stock Performance

The stock has a market capitalization of $1.25 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.44 and a beta of 1.44. The stock has a fifty day moving average of $48.19 and a 200-day moving average of $47.45. The company has a quick ratio of 1.27, a current ratio of 2.03 and a debt-to-equity ratio of 0.15.

ScanSource (NASDAQ:SCSC) last issued its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. ScanSource had a net margin of 2.49% and a return on equity of 8.53%. The firm had revenue of $775.58 million during the quarter, compared to analysts’ expectations of $774.90 million. During the same quarter in the prior year, the business earned $0.74 EPS. ScanSource’s quarterly revenue was down 11.5% compared to the same quarter last year. Equities analysts anticipate that ScanSource, Inc. will post 3.51 earnings per share for the current fiscal year.

Insider Buying and Selling at ScanSource

In other ScanSource news, CEO Michael L. Baur sold 8,312 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $48.98, for a total value of $407,121.76. Following the transaction, the chief executive officer now directly owns 177,760 shares of the company’s stock, valued at approximately $8,706,684.80. The trade was a 4.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 53,010 shares of company stock worth $2,611,843. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ScanSource

Several institutional investors have recently bought and sold shares of SCSC. CWM LLC increased its stake in ScanSource by 164.1% in the 2nd quarter. CWM LLC now owns 647 shares of the industrial products company’s stock valued at $29,000 after buying an additional 402 shares during the period. Gladius Capital Management LP acquired a new position in ScanSource in the 3rd quarter valued at $30,000. Point72 DIFC Ltd acquired a new position in ScanSource in the 3rd quarter valued at $35,000. nVerses Capital LLC acquired a new position in ScanSource in the 2nd quarter valued at $40,000. Finally, Quest Partners LLC acquired a new position in shares of ScanSource during the 2nd quarter worth $41,000. 97.91% of the stock is owned by institutional investors and hedge funds.

About ScanSource

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.