Morgan Stanley Issues Positive Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price target lifted by Morgan Stanley from $18.00 to $23.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently commented on INGM. Loop Capital reduced their target price on shares of Ingram Micro from $30.00 to $25.00 and set a “buy” rating for the company in a report on Monday, March 10th. Evercore ISI reduced their target price on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. The Goldman Sachs Group reduced their target price on shares of Ingram Micro from $33.00 to $29.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Bank of America reduced their target price on shares of Ingram Micro from $30.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Jefferies Financial Group reduced their target price on shares of Ingram Micro from $28.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, March 25th. 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, the company currently has an average rating of “Moderate Buy” and an average price target of $25.79.

Ingram Micro Price Performance

Shares of INGM stock opened at $19.21 on Friday. The stock’s fifty day moving average is $17.78. 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 has a 12-month low of $14.25 and a 12-month high of $25.69.

Ingram Micro (NYSE:INGM) last issued 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 company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. Research analysts anticipate that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be paid a $0.076 dividend. The ex-dividend date is Tuesday, May 20th. This represents a $0.30 dividend on an annualized basis and a yield of 1.58%. This is a boost from Ingram Micro’s previous quarterly dividend of $0.07.

Ingram Micro announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 4th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Ingram Micro

A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $37,793,000. Rhumbline Advisers acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $171,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $17,432,000. Barclays PLC acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $1,092,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Ingram Micro during the 4th quarter worth about $304,000.

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.