Ingram Micro (NYSE:INGM) Price Target Lowered to $26.00 at Raymond James

Ingram Micro (NYSE:INGM) had its target price reduced by Raymond James from $28.00 to $26.00 in a report issued on Wednesday morning,Benzinga reports. Raymond James currently has an outperform rating on the stock.

A number of other research firms also recently issued reports on INGM. Evercore ISI decreased their price objective on Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a report on Wednesday. Loop Capital started coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $30.00 target price for the company. Royal Bank of Canada upped their price target on Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Bank of America started coverage on Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $30.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their target price on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.29.

Ingram Micro Stock Performance

Shares of Ingram Micro stock opened at $19.84 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. The company’s 50 day simple moving average is $21.97. Ingram Micro has a 52 week low of $18.90 and a 52 week high of $25.69.

Ingram Micro (NYSE:INGM) last released 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 $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. As a group, equities research analysts forecast that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be issued a $0.074 dividend. This represents a $0.30 annualized dividend and a yield of 1.49%. The ex-dividend date is Tuesday, March 11th.

Ingram Micro announced that its board has approved a share repurchase program on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in Ingram Micro in the fourth quarter valued at about $17,432,000. Rhumbline Advisers bought a new position in shares of Ingram Micro in the 4th quarter worth approximately $171,000. New York State Common Retirement Fund purchased a new position in shares of Ingram Micro in the fourth quarter worth approximately $304,000. Bank of New York Mellon Corp bought a new stake in Ingram Micro during the fourth quarter valued at approximately $207,000. Finally, Keybank National Association OH purchased a new stake in Ingram Micro during the fourth quarter valued at approximately $319,000.

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.