Ingram Micro (NYSE:INGM) Given New $26.00 Price Target at Evercore ISI

Ingram Micro (NYSE:INGM) had its price target dropped by analysts at Evercore ISI from $27.00 to $26.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s target price points to a potential upside of 36.02% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Raymond James assumed coverage on Ingram Micro in a research report on Monday, November 18th. They issued an “outperform” rating and a $28.00 price target for the company. Royal Bank of Canada raised their target price on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Melius Research raised shares of Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. Bank of America started coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $30.00 target price on the stock. Finally, BNP Paribas initiated coverage on Ingram Micro in a report on Monday, November 18th. They set a “neutral” rating and a $25.00 price target on the stock. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ingram Micro has an average rating of “Moderate Buy” and an average price target of $27.86.

Ingram Micro Stock Performance

Shares of INGM traded down $1.87 on Wednesday, reaching $19.12. The company’s stock had a trading volume of 123,985 shares, compared to its average volume of 408,357. The company’s 50 day moving average price is $21.99. 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 has a 12-month low of $18.90 and a 12-month high of $25.69.

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

Ingram Micro announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 4th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Several institutional investors have recently bought and sold shares of the business. Capital World Investors purchased a new stake in shares of Ingram Micro during the 4th quarter valued at about $68,295,000. Victory Capital Management Inc. bought a new stake in Ingram Micro during the fourth quarter worth approximately $53,532,000. JPMorgan Chase & Co. bought a new stake in shares of Ingram Micro in the 4th quarter valued at approximately $37,793,000. American Century Companies Inc. purchased a new position in shares of Ingram Micro in the 4th quarter worth approximately $36,268,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Ingram Micro during the 4th quarter valued at approximately $30,683,000.

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.