Ingram Micro (NYSE:INGM) Price Target Lowered to $26.00 at Evercore ISI

Ingram Micro (NYSE:INGM) had its price objective lowered by Evercore ISI from $27.00 to $26.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an in-line rating on the stock.

INGM has been the subject of several other reports. William Blair initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued an “outperform” rating for the company. Northcoast Research initiated coverage on Ingram Micro in a research report on Friday, November 8th. They set a “neutral” rating for the company. Melius initiated coverage on Ingram Micro in a research report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price target for the company. Stifel Nicolaus initiated coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $28.00 price target for the company. Finally, BNP Paribas initiated coverage on Ingram Micro in a research report on Monday, November 18th. They set a “neutral” rating and a $25.00 price target for the company. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Trading Down 5.5 %

Shares of NYSE:INGM opened at $19.84 on Wednesday. The business has a 50 day moving average price of $21.97. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.96 and a current ratio of 1.40. Ingram Micro has a 52-week low of $18.90 and a 52-week high of $25.69.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. On average, research analysts expect that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro declared that its board has approved a share buyback program on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Ingram Micro Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.074 per share. This represents a $0.30 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Tuesday, March 11th.

Hedge Funds Weigh In On Ingram Micro

A number of large investors have recently made changes to their positions in INGM. Capital World Investors bought a new position in shares of Ingram Micro in the fourth quarter worth $68,295,000. Victory Capital Management Inc. bought a new position in shares of Ingram Micro in the fourth quarter worth $53,532,000. JPMorgan Chase & Co. bought a new position in shares of Ingram Micro in the fourth quarter worth $37,793,000. American Century Companies Inc. bought a new position in shares of Ingram Micro in the fourth quarter worth $36,268,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Ingram Micro in the fourth quarter worth $30,683,000.

Ingram Micro Company Profile

Ingram Micro is a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands. With our vast infrastructure and focus on client and endpoint solutions (formerly referred to as commercial & consumer, as described elsewhere in this prospectus), advanced solutions offerings and cloud-based solutions, we enable our business partners to scale and operate more efficiently in the markets they serve.