Ingram Micro (NYSE:INGM) Shares Gap Down Following Analyst Downgrade

Shares of Ingram Micro Holding Corp. (NYSE:INGM) gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $30.00 to $28.00. The stock had previously closed at $20.98, but opened at $20.00. Bank of America currently has a buy rating on the stock. Ingram Micro shares last traded at $19.12, with a volume of 71,228 shares traded.

A number of other equities research analysts have also recently commented on INGM. Loop Capital started coverage on shares of Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $30.00 price target for the company. William Blair started coverage on Ingram Micro in a research note on Monday, November 18th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. dropped their price target on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday. Northcoast Research began coverage on Ingram Micro in a research note on Friday, November 8th. They issued a “neutral” rating for the company. Finally, BNP Paribas began coverage on Ingram Micro in a report on Monday, November 18th. They set a “neutral” rating and a $25.00 price objective for the company. Six 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.29.

Hedge Funds Weigh In On Ingram Micro

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

Ingram Micro Stock Down 5.5 %

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 firm has a 50 day moving average of $21.97.

Ingram Micro (NYSE:INGM) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $13.21 billion. As a group, research analysts forecast that Ingram Micro Holding Corp. will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Dividend Announcement

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

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

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.