Ingram Micro (NYSE:INGM) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Ingram Micro (NYSE:INGM) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks reports.

Several other equities research analysts have also weighed in on the stock. Truist Financial increased their price objective on shares of Ingram Micro from $29.00 to $31.00 and gave the stock a “hold” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group restated a “neutral” rating and issued a $33.00 target price on shares of Ingram Micro in a research note on Friday, July 31st. Wall Street Zen upgraded Ingram Micro from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. Weiss Ratings raised Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 30th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ingram Micro in a research report on Monday, August 31st. They set a “hold” rating and a $30.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.50.

Ingram Micro Stock Performance

Shares of INGM stock opened at $26.12 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 1.31. Ingram Micro has a one year low of $19.03 and a one year high of $31.69. The company’s 50-day simple moving average is $27.48 and its 200-day simple moving average is $26.41. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 0.61 and a beta of 1.69.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Ingram Micro had a net margin of 0.79% and a return on equity of 18.76%. The firm had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $13.83 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. Equities analysts anticipate that Ingram Micro will post 3.52 earnings per share for the current fiscal year.

Ingram Micro Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 9th will be issued a $0.0880 dividend. The ex-dividend date of this dividend is Monday, November 9th. This is an increase from Ingram Micro’s previous quarterly dividend of $0.0860. This represents a $0.35 annualized dividend and a yield of 1.3%. Ingram Micro’s dividend payout ratio is currently 17.17%.

Insider Transactions at Ingram Micro

In other Ingram Micro news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $27.19, for a total transaction of $53,530,312.50. Following the transaction, the insider owned 162,372,569 shares of the company’s stock, valued at approximately $4,414,910,151.11. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is owned by corporate insiders.

Institutional Trading of Ingram Micro

A number of institutional investors have recently made changes to their positions in INGM. Fulcrum Asset Management LLP acquired a new stake in Ingram Micro in the third quarter worth approximately $473,000. Allspring Global Investments Holdings LLC boosted its holdings in Ingram Micro by 19.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,188,414 shares of the company’s stock worth $33,026,000 after buying an additional 192,448 shares in the last quarter. Pictet Asset Management Holding SA bought a new stake in Ingram Micro during the third quarter worth approximately $249,000. Covestor Ltd grew its position in Ingram Micro by 31.9% in the third quarter. Covestor Ltd now owns 5,158 shares of the company’s stock worth $138,000 after buying an additional 1,247 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Ingram Micro in the third quarter worth approximately $265,000.

Ingram Micro Company Profile

Ingram Micro Inc is a global technology distribution and services company that connects technology manufacturers with businesses, resellers, systems integrators and other channel partners. Its portfolio includes hardware, software, cloud solutions, cybersecurity products, networking equipment, data-center technologies and communications solutions.

The company also provides value-added services such as cloud marketplace management, device lifecycle services, logistics, fulfillment, financing support, technical assistance and professional services.