Loop Capital Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its target price dropped by equities research analysts at Loop Capital from $30.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s target price points to a potential upside of 31.65% from the stock’s previous close.

INGM has been the subject of several other research reports. Morgan Stanley reduced 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. The Goldman Sachs Group decreased their price target on Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Bank of America dropped their price objective on Ingram Micro from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Redburn Atlantic started coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Melius Research raised Ingram Micro to a “hold” rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.93.

Ingram Micro Trading Down 3.0 %

NYSE INGM traded down $0.58 during trading hours on Monday, hitting $18.99. 270,871 shares of the stock were exchanged, compared to its average volume of 417,722. 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 $18.42 and a 12-month high of $25.69. The stock has a 50-day moving average of $21.96.

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

Ingram Micro declared that its board has approved a stock buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Several large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new stake in Ingram Micro in the 4th quarter valued at about $118,000. Woodline Partners LP acquired a new stake in shares of Ingram Micro in the fourth quarter worth approximately $5,831,000. Zimmer Partners LP purchased a new stake in Ingram Micro in the fourth quarter valued at approximately $291,000. Squarepoint Ops LLC acquired a new position in Ingram Micro during the fourth quarter worth approximately $783,000. Finally, Sandia Investment Management LP purchased a new position in Ingram Micro during the fourth quarter worth approximately $388,000.

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.