JPMorgan Chase & Co. Issues Pessimistic Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its target price reduced by research analysts at JPMorgan Chase & Co. from $27.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 33.62% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley cut 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 report on Wednesday. Melius initiated coverage on shares of Ingram Micro in a report on Tuesday, November 26th. They issued a “hold” rating and a $26.00 target price on the stock. Loop Capital initiated coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $30.00 price target on the stock. Redburn Atlantic initiated coverage on shares of Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Melius Research raised shares of Ingram Micro to a “hold” rating in a research report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Trading Down 1.8 %

INGM stock opened at $19.46 on Wednesday. The firm’s 50 day simple moving average is $21.96. Ingram Micro has a 52-week low of $18.90 and a 52-week 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 the consensus estimate of $0.91 by $0.01. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. Research 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 authorized 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 reacquire up to 1.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Ingram Micro

Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN purchased a new stake in Ingram Micro during the 4th quarter worth approximately $45,000. Cohen & Steers Inc. acquired a new position in Ingram Micro in the fourth quarter valued at approximately $48,000. Tower Research Capital LLC TRC acquired a new position in Ingram Micro during the fourth quarter worth $52,000. Cubist Systematic Strategies LLC acquired a new position in Ingram Micro during the fourth quarter worth $80,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Ingram Micro during 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.