Evercore ISI Cuts Ingram Micro (NYSE:INGM) Price Target to $26.00

Ingram Micro (NYSE:INGM) had its price target reduced by Evercore ISI from $27.00 to $26.00 in a research report released on Wednesday,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

INGM has been the topic of a number of other research reports. Redburn Atlantic started coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 price target on the stock. Morgan Stanley lowered their price target on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Wednesday. Jefferies Financial Group started coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $28.00 price target on the stock. Northcoast Research started coverage on Ingram Micro in a research report on Friday, November 8th. They set a “neutral” rating on the stock. Finally, The Goldman Sachs Group started coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Ingram Micro has an average rating of “Moderate Buy” and an average price target of $27.29.

Ingram Micro Price Performance

NYSE:INGM opened at $19.84 on Wednesday. Ingram Micro has a 52-week low of $18.90 and a 52-week high of $25.69. The company’s fifty day simple moving average is $21.97. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96.

Ingram Micro (NYSE:INGM) last posted its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. Equities analysts predict that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

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

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 issued a dividend of $0.074 per share. The ex-dividend date is Tuesday, March 11th. This represents a $0.30 dividend on an annualized basis and a yield of 1.49%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INGM. Allspring Global Investments Holdings LLC purchased a new position in Ingram Micro during the 4th quarter valued at about $17,432,000. Rhumbline Advisers purchased a new position in shares of Ingram Micro during the 4th quarter worth approximately $171,000. New York State Common Retirement Fund purchased a new position in shares of Ingram Micro during the 4th quarter worth approximately $304,000. Bank of New York Mellon Corp purchased a new position in shares of Ingram Micro during the 4th quarter worth approximately $207,000. Finally, Keybank National Association OH purchased a new position in shares of Ingram Micro during the 4th quarter worth approximately $319,000.

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.