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

Ingram Micro (NYSE:INGM) had its price objective dropped by equities research analysts at The Goldman Sachs Group from $33.00 to $29.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 49.19% from the company’s previous close.

A number of other brokerages also recently issued reports on INGM. Morgan Stanley reduced their price objective on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank of Canada raised their price objective on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Bank of America initiated coverage on shares of Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. Stifel Nicolaus started coverage on shares of Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Redburn Atlantic started coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.43.

Ingram Micro Stock Performance

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

Ingram Micro (NYSE:INGM) last posted its earnings results on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. As a group, equities research analysts predict that Ingram Micro will post 2.71 EPS for the current fiscal year.

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

Institutional Investors Weigh In On Ingram Micro

A number of large investors have recently added to or reduced their stakes in INGM. Wells Fargo & Company MN purchased a new stake in Ingram Micro in the fourth quarter worth approximately $45,000. Cohen & Steers Inc. bought a new stake in shares of Ingram Micro in the 4th quarter worth approximately $48,000. Tower Research Capital LLC TRC purchased a new stake in shares of Ingram Micro in the 4th quarter valued at $52,000. Cubist Systematic Strategies LLC bought a new position in shares of Ingram Micro during the 4th quarter valued at $80,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Ingram Micro in the 4th quarter worth $118,000.

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.