Ingram Micro (NYSE:INGM) Price Target Lowered to $28.00 at Bank of America

Ingram Micro (NYSE:INGM) had its target price trimmed by Bank of America from $30.00 to $28.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently issued reports on INGM. Northcoast Research assumed coverage on shares of Ingram Micro in a research report on Friday, November 8th. They set a “neutral” rating for the company. Melius Research upgraded Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group decreased their price objective on Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $26.00 target price for the company. Finally, Raymond James lowered their price target on shares of Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday. 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 stock has an average rating of “Moderate Buy” and a consensus target price of $27.29.

Ingram Micro Price Performance

INGM stock opened at $19.84 on Wednesday. Ingram Micro has a 1-year low of $18.90 and a 1-year high of $25.69. The business’s 50 day simple moving average is $21.97. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $13.21 billion. As a group, analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Ingram Micro Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be paid 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.

Institutional Trading of Ingram Micro

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors acquired a new position in Ingram Micro during the fourth quarter worth about $68,295,000. Victory Capital Management Inc. acquired a new position in Ingram Micro during the 4th quarter worth approximately $53,532,000. JPMorgan Chase & Co. bought a new position in Ingram Micro in the 4th quarter valued at approximately $37,793,000. American Century Companies Inc. acquired a new stake in Ingram Micro in the fourth quarter valued at approximately $36,268,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Ingram Micro during 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.