Loop Capital Issues Pessimistic Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price objective lowered by Loop Capital from $30.00 to $25.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on INGM. Royal Bank of Canada increased their price objective on Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Evercore ISI lowered their price objective on Ingram Micro from $27.00 to $26.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Redburn Atlantic started coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 price objective on the stock. BNP Paribas initiated coverage on Ingram Micro in a research report on Monday, November 18th. They set a “neutral” rating and a $25.00 price objective on the stock. Finally, Raymond James reduced their target price on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Ingram Micro has a consensus rating of “Moderate Buy” and an average price target of $26.93.

Ingram Micro Stock Performance

INGM opened at $18.93 on Monday. Ingram Micro has a 1-year low of $18.40 and a 1-year high of $25.69. The firm has a fifty day simple moving average of $21.93. 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 posted its quarterly 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 business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. As a group, research analysts expect that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be paid a $0.074 dividend. This represents a $0.30 annualized dividend and a yield of 1.56%. The ex-dividend date is Tuesday, March 11th.

Ingram Micro announced that its board has authorized a stock repurchase plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Large investors have recently bought and sold shares of the company. Rhumbline Advisers bought a new position in Ingram Micro in the fourth quarter valued at about $171,000. Allspring Global Investments Holdings LLC bought a new position in shares of Ingram Micro during the fourth quarter worth about $17,432,000. New York State Common Retirement Fund bought a new position in shares of Ingram Micro during the fourth quarter worth about $304,000. Keybank National Association OH bought a new position in shares of Ingram Micro during the fourth quarter worth about $319,000. Finally, Victory Capital Management Inc. bought a new position in shares of Ingram Micro during the fourth quarter worth about $53,532,000.

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.