Evercore ISI Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price target cut by equities researchers at Evercore ISI from $27.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price target would indicate a potential upside of 33.62% from the stock’s previous close.

A number of other research firms have also weighed in on INGM. BNP Paribas began coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “neutral” rating and a $25.00 target price for the company. Loop Capital assumed coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 price target for the company. Redburn Atlantic began coverage on shares of Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $30.00 target price for the company. Melius initiated coverage on shares of Ingram Micro in a research note on Tuesday, November 26th. They set a “hold” rating and a $26.00 price target on the stock. Finally, Stifel Nicolaus initiated 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 on the stock. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.29.

Ingram Micro Stock Performance

NYSE:INGM opened at $19.46 on Wednesday. Ingram Micro has a 1 year low of $18.90 and a 1 year high of $25.69. The stock’s fifty day moving average is $21.96. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93.

Ingram Micro (NYSE:INGM) last released its earnings results on Tuesday, March 4th. The company reported $0.92 EPS 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 the consensus estimate of $13.21 billion. On average, analysts expect that Ingram Micro will post 2.71 EPS for the current year.

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

Hedge Funds Weigh In On Ingram Micro

Several hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN purchased a new stake in Ingram Micro in the 4th quarter valued at about $45,000. Cohen & Steers Inc. acquired a new position in Ingram Micro during the 4th quarter valued at approximately $48,000. Tower Research Capital LLC TRC acquired a new position in Ingram Micro during the 4th quarter valued at approximately $52,000. Cubist Systematic Strategies LLC acquired a new position in Ingram Micro during the 4th quarter valued at approximately $80,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Ingram Micro in the fourth quarter worth $118,000.

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.