Ingram Micro (NYSE:INGM) Approves Stock Buyback Program

Ingram Micro (NYSE:INGM) declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 4th, RTT News reports. The company plans to buyback $75.00 million in shares. This buyback authorization allows the company to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Ingram Micro Trading Down 1.8 %

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

Ingram Micro (NYSE:INGM) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. As a group, research analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.074 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Tuesday, March 11th.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on INGM shares. Melius Research raised Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group lowered their target price on Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday. Stifel Nicolaus began coverage on Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $28.00 target price on the stock. Bank of America decreased their price objective on Ingram Micro from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Redburn Atlantic assumed coverage on Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $30.00 price objective on the stock. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Ingram Micro presently has an average rating of “Moderate Buy” and a consensus price target of $27.29.

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.