Ingram Micro (NYSE:INGM) Given New $24.00 Price Target at Jefferies Financial Group

Ingram Micro (NYSE:INGM) had its target price lowered by Jefferies Financial Group from $28.00 to $24.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

INGM has been the subject of several other research reports. Melius assumed coverage on Ingram Micro in a research report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price objective for the company. Evercore ISI lowered their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Royal Bank of Canada upped their price objective on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. The Goldman Sachs Group lowered their target price on shares of Ingram Micro from $33.00 to $29.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Raymond James cut their price target on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $26.64.

Ingram Micro Stock Down 1.5 %

Shares of INGM opened at $19.64 on Tuesday. Ingram Micro has a 1 year low of $18.38 and a 1 year 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. The stock has a 50 day moving average price of $21.81.

Ingram Micro (NYSE:INGM) last released its earnings results 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 company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. On average, equities research analysts forecast that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were given a dividend of $0.074 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Tuesday, March 11th.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in Ingram Micro during the 4th quarter valued at approximately $17,432,000. Rhumbline Advisers purchased a new position in shares of Ingram Micro in the fourth quarter worth $171,000. New York State Common Retirement Fund bought a new position in shares of Ingram Micro during the fourth quarter worth $304,000. Bank of New York Mellon Corp purchased a new position in Ingram Micro during the fourth quarter valued at $207,000. Finally, Keybank National Association OH bought a new stake in Ingram Micro in the 4th quarter valued at $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.