Stock Repurchase Program Approved by Ingram Micro (NYSE:INGM)

Ingram Micro (NYSE:INGM) declared that its board has approved a share repurchase program on Tuesday, March 4th, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 1.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

INGM has been the subject of a number of research reports. BNP Paribas initiated coverage on shares of Ingram Micro in a report on Monday, November 18th. They issued a “neutral” rating and a $25.00 target price for the company. Raymond James initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued an “outperform” rating and a $28.00 price objective for the company. Royal Bank of Canada upped their price objective on Ingram Micro from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Bank of America initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Northcoast Research initiated coverage on Ingram Micro in a research note on Friday, November 8th. They issued a “neutral” rating for the company. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Ingram Micro presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.14.

Ingram Micro Stock Performance

NYSE:INGM traded up $0.13 on Tuesday, reaching $20.87. 645,863 shares of the stock traded hands, compared to its average volume of 411,492. The firm has a 50 day moving average of $21.99. 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 1-year low of $18.90 and a 1-year high of $25.69.

Ingram Micro (NYSE:INGM) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Research analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.42%.

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.