Ingram Micro (NYSE:INGM) Price Target Lowered to $29.00 at The Goldman Sachs Group

Ingram Micro (NYSE:INGM) had its price objective decreased by equities researchers at The Goldman Sachs Group from $33.00 to $29.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 49.19% from the company’s current price.

Other research analysts have also issued research reports about the company. Melius Research raised Ingram Micro to a “hold” rating in a research report on Tuesday, November 26th. Stifel Nicolaus initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $28.00 price target for the company. Evercore ISI reduced their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $26.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.43.

Ingram Micro Price Performance

Shares of Ingram Micro stock traded down $1.54 during midday trading on Wednesday, reaching $19.44. 277,843 shares of the company’s stock traded hands, compared to its average volume of 309,104. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. Ingram Micro has a 12 month low of $18.90 and a 12 month high of $25.69. The company’s 50 day moving average is $21.99.

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, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $13.21 billion. As a group, equities research analysts forecast that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro announced that its board has approved a share buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Ingram Micro

Several institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $118,000. Woodline Partners LP purchased a new stake in shares of Ingram Micro in the 4th quarter valued at about $5,831,000. Zimmer Partners LP acquired a new stake in shares of Ingram Micro in the 4th quarter valued at about $291,000. Squarepoint Ops LLC purchased a new position in Ingram Micro during the 4th quarter worth approximately $783,000. Finally, Sandia Investment Management LP purchased a new stake in Ingram Micro in the fourth quarter valued at approximately $388,000.

About Ingram Micro

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.