Ingram Micro (NYSE:INGM) to Buyback $75.00 million in Outstanding Shares

Ingram Micro (NYSE:INGM) announced that its Board of Directors has initiated a share buyback program on Tuesday, March 4th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on INGM shares. Melius started coverage on shares of Ingram Micro in a report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday. Morgan Stanley reduced their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Wednesday. BNP Paribas initiated coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “neutral” rating and a $25.00 price objective for the company. Finally, Northcoast Research initiated coverage on shares of Ingram Micro in a research report on Friday, November 8th. They set a “neutral” rating 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 MarketBeat.com, Ingram Micro has an average rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Stock Performance

Ingram Micro stock opened at $19.84 on Thursday. Ingram Micro has a 12-month low of $18.90 and a 12-month high of $25.69. The stock’s 50-day moving average price is $21.97. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share (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 analyst estimates of $13.21 billion. On average, equities research analysts expect that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Announces Dividend

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

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.