Bank of America Issues Pessimistic Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price target decreased by analysts at Bank of America from $30.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 43.90% from the company’s current price.

INGM has been the subject of a number of other research reports. Raymond James reduced their target price on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday. Evercore ISI reduced their target price on Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a report on Wednesday. Melius Research raised Ingram Micro to a “hold” rating in a report on Tuesday, November 26th. William Blair assumed coverage on Ingram Micro in a report on Monday, November 18th. They issued an “outperform” rating for the company. Finally, Northcoast Research assumed coverage on Ingram Micro in a report on Friday, November 8th. They issued a “neutral” rating for the company. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.29.

Ingram Micro Trading Down 1.8 %

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

Ingram Micro (NYSE:INGM) last posted its quarterly earnings data 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. Research analysts expect that Ingram Micro will post 2.71 EPS for the current year.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INGM. Allspring Global Investments Holdings LLC purchased a new position in Ingram Micro in the 4th quarter valued at about $17,432,000. Rhumbline Advisers purchased a new position in Ingram Micro in the 4th quarter valued at about $171,000. New York State Common Retirement Fund acquired a new position in shares of Ingram Micro during the 4th quarter valued at about $304,000. Bank of New York Mellon Corp acquired a new position in shares of Ingram Micro during the 4th quarter valued at about $207,000. Finally, Keybank National Association OH acquired a new position in shares of Ingram Micro during the 4th quarter valued at about $319,000.

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.