Raymond James Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price objective dropped by stock analysts at Raymond James from $28.00 to $26.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James’ target price points to a potential upside of 33.62% from the stock’s previous close.

INGM has been the subject of a number of other research reports. Melius Research raised Ingram Micro to a “hold” rating in a research report on Tuesday, November 26th. Bank of America began coverage on Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $30.00 price target for the company. The Goldman Sachs Group initiated coverage on Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $33.00 price objective on the stock. Northcoast Research initiated coverage on Ingram Micro in a research report on Friday, November 8th. They set a “neutral” rating on the stock. Finally, Morgan Stanley dropped their price target on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Ingram Micro has an average rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Stock Down 1.8 %

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 company has a 50 day moving average price of $21.96. 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 released its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $13.21 billion. On average, analysts predict that Ingram Micro will post 2.71 EPS for the current year.

Ingram Micro announced that its board has initiated a share buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Ingram Micro

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