Ingram Micro (NYSE:INGM) to Repurchase $75.00 million in Outstanding Shares

Ingram Micro (NYSE:INGM) declared that its Board of Directors has initiated a stock buyback program on Tuesday, March 4th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Ingram Micro Stock Up 0.6 %

NYSE INGM opened at $20.87 on Wednesday. The company has a 50 day moving average price of $21.99. Ingram Micro has a 1-year low of $18.90 and a 1-year high of $25.69. 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 (NYSE:INGM) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $13.21 billion. On average, analysts predict that Ingram Micro will post 2.71 EPS for the current year.

Ingram Micro Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be issued a $0.074 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.42%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus began coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $28.00 target price for the company. Redburn Atlantic initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. BNP Paribas initiated coverage on Ingram Micro in a research note on Monday, November 18th. They set a “neutral” rating and a $25.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Ingram Micro in a research report on Wednesday, November 20th. They issued a “neutral” rating and a $28.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $26.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ingram Micro has an average rating of “Moderate Buy” and a consensus price target of $28.14.

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.