Ingram Micro (NYSE:INGM) Price Target Cut to $26.00 by Analysts at Raymond James

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

A number of other brokerages have also recently issued reports on INGM. Jefferies Financial Group started coverage on Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $28.00 target price on the stock. Redburn Atlantic assumed coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $30.00 price objective for the company. BNP Paribas began coverage on Ingram Micro in a research note on Monday, November 18th. They set a “neutral” rating and a $25.00 price target for the company. Evercore ISI dropped their target price on Ingram Micro from $27.00 to $26.00 and set an “in-line” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Trading Down 5.5 %

Ingram Micro stock opened at $19.84 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.96 and a current ratio of 1.40. The company’s fifty day moving average is $21.97. 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 earnings results on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm had revenue of $13.34 billion during the quarter, compared to analyst estimates 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 Announces Dividend

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

Ingram Micro declared that its Board of Directors has authorized a share repurchase program on Tuesday, March 4th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to buy up to 1.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Ingram Micro

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