Ingram Micro (NYSE:INGM) Shares Gap Down After Analyst Downgrade

Ingram Micro Holding Corp. (NYSE:INGM) shares gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $30.00 to $28.00. The stock had previously closed at $20.98, but opened at $20.00. Bank of America currently has a buy rating on the stock. Ingram Micro shares last traded at $19.12, with a volume of 71,228 shares.

A number of other analysts also recently weighed in on the stock. Stifel Nicolaus initiated coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $28.00 price target for the company. William Blair started coverage on Ingram Micro in a research note on Monday, November 18th. They set an “outperform” rating for the company. JPMorgan Chase & Co. decreased their price target on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday. Melius Research upgraded Ingram Micro to a “hold” rating in a research report on Tuesday, November 26th. Finally, Redburn Atlantic initiated coverage on Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.29.

Hedge Funds Weigh In On Ingram Micro

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors bought a new stake in shares of Ingram Micro in the fourth quarter worth $68,295,000. Victory Capital Management Inc. acquired a new position in Ingram Micro during the 4th quarter worth about $53,532,000. JPMorgan Chase & Co. bought a new stake in shares of Ingram Micro in the 4th quarter valued at about $37,793,000. American Century Companies Inc. acquired a new stake in shares of Ingram Micro in the fourth quarter valued at about $36,268,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Ingram Micro during the fourth quarter worth about $30,683,000.

Ingram Micro Stock Down 5.5 %

The company has a 50 day moving average of $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 (NYSE:INGM) last issued its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $13.34 billion during the quarter, compared to analyst estimates of $13.21 billion. Analysts predict that Ingram Micro Holding Corp. will post 2.71 EPS for the current year.

Ingram Micro Announces Dividend

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

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

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.