Ingram Micro (NYSE:INGM) Price Target Cut to $28.00 by Analysts at Bank of America

Ingram Micro (NYSE:INGM) had its price objective decreased by Bank of America from $30.00 to $28.00 in a research note published on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

INGM has been the subject of a number of other research reports. 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 target price for the company. JPMorgan Chase & Co. lowered their target price on shares of Ingram Micro from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday. Raymond James cut their price target on shares of Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday. Northcoast Research began coverage on Ingram Micro in a research report on Friday, November 8th. They issued a “neutral” rating for the company. Finally, Melius began coverage on Ingram Micro in a research report on Tuesday, November 26th. They set a “hold” rating and a $26.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Stock Down 5.5 %

INGM stock opened at $19.84 on Wednesday. The company’s fifty day simple moving average 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 has a 52-week low of $18.90 and a 52-week high of $25.69.

Ingram Micro (NYSE:INGM) last announced its earnings results 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. On average, equities research analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be given a $0.074 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $0.30 annualized dividend and a yield of 1.49%.

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

Institutional Inflows and Outflows

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

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.