Norges Bank Takes $26.19 Million Position in Ingram Micro Holding Corp. (NYSE:INGM)

Norges Bank acquired a new position in shares of Ingram Micro Holding Corp. (NYSE:INGM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,350,700 shares of the company’s stock, valued at approximately $26,190,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in shares of Ingram Micro during the 4th quarter worth $171,000. Bank of New York Mellon Corp acquired a new stake in Ingram Micro during the fourth quarter worth about $207,000. New York State Common Retirement Fund purchased a new position in Ingram Micro during the fourth quarter worth about $304,000. Keybank National Association OH acquired a new position in Ingram Micro in the 4th quarter valued at about $319,000. Finally, Sei Investments Co. purchased a new stake in shares of Ingram Micro in the 4th quarter valued at approximately $4,980,000.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on INGM shares. Jefferies Financial Group decreased their price objective on Ingram Micro from $28.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, March 25th. Evercore ISI lowered their price target on Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Morgan Stanley reduced their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Loop Capital lowered their target price on shares of Ingram Micro from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Finally, Bank of America reduced their price target on shares of Ingram Micro from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. 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 MarketBeat, Ingram Micro currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.64.

Ingram Micro Stock Performance

Shares of NYSE INGM opened at $15.69 on Monday. The business’s 50-day moving average is $21.08. 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 Holding Corp. has a 1-year low of $15.20 and a 1-year high of $25.69.

Ingram Micro (NYSE:INGM) last issued its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share 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. Sell-side analysts expect that Ingram Micro Holding Corp. will post 2.71 EPS for the current fiscal year.

Ingram Micro Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th were paid a dividend of $0.074 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.89%.

Ingram Micro announced that its board has authorized a share buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Ingram Micro 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.