Ingram Micro (NYSE:INGM) Price Target Lowered to $24.00 at Jefferies Financial Group

Ingram Micro (NYSE:INGM) had its price objective trimmed by Jefferies Financial Group from $28.00 to $24.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also weighed in on INGM. Raymond James decreased their price target on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Loop Capital cut their price objective on shares of Ingram Micro from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. The Goldman Sachs Group lowered 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. Evercore ISI cut their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. Finally, Morgan Stanley decreased 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 note on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.64.

Ingram Micro Price Performance

INGM stock opened at $19.64 on Tuesday. The firm has a fifty day simple moving average of $21.81. 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 fifty-two week low of $18.38 and a fifty-two week high of $25.69.

Ingram Micro (NYSE:INGM) last posted its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. As a group, research analysts forecast that Ingram Micro will post 2.71 earnings per share for the current year.

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

Ingram Micro Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th were issued a dividend of $0.074 per share. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.30 annualized dividend and a yield of 1.51%.

Hedge Funds Weigh In On Ingram Micro

Institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System bought a new position in shares of Ingram Micro during the fourth quarter valued at approximately $26,000. Wells Fargo & Company MN purchased a new stake in Ingram Micro during the fourth quarter worth $45,000. Cohen & Steers Inc. bought a new stake in Ingram Micro during the 4th quarter valued at $48,000. Tower Research Capital LLC TRC purchased a new position in shares of Ingram Micro in the 4th quarter valued at $52,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Ingram Micro in the 4th quarter worth $80,000.

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.