Brokerages Set Ingram Micro Holding Corporation (NYSE:INGM) Target Price at $24.50

Shares of Ingram Micro Holding Corporation (NYSE:INGM) have been assigned an average recommendation of “Hold” from the nine analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $24.50.

Several analysts have recently weighed in on the company. Zacks Research upgraded Ingram Micro from a “strong sell” rating to a “hold” rating in a report on Monday, February 23rd. Royal Bank Of Canada reiterated an “outperform” rating and set a $24.00 target price on shares of Ingram Micro in a research report on Monday, December 22nd. William Blair reissued an “outperform” rating on shares of Ingram Micro in a report on Tuesday, March 3rd. Truist Financial initiated coverage on shares of Ingram Micro in a research report on Tuesday, March 31st. They issued a “hold” rating and a $25.00 price target for the company. Finally, The Goldman Sachs Group lowered shares of Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a report on Tuesday, January 13th.

Ingram Micro Stock Down 0.4%

Shares of NYSE:INGM opened at $24.66 on Thursday. Ingram Micro has a 52-week low of $14.25 and a 52-week high of $26.38. The company has a market capitalization of $5.71 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.97 and a current ratio of 1.33. The company has a fifty day moving average of $22.07 and a 200-day moving average of $21.71.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. The company had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $14.18 billion. Ingram Micro had a return on equity of 16.78% and a net margin of 0.62%.The business’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities analysts predict that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were given a dividend of $0.082 per share. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $0.33 annualized dividend and a yield of 1.3%. This is an increase from Ingram Micro’s previous quarterly dividend of $0.08. Ingram Micro’s dividend payout ratio is 23.91%.

Ingram Micro declared that its Board of Directors has initiated a share buyback program on Monday, March 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Ingram Micro

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank grew its position in shares of Ingram Micro by 2,844.2% during the 3rd quarter. Comerica Bank now owns 3,798 shares of the company’s stock worth $82,000 after buying an additional 3,669 shares during the period. CWM LLC increased its position in Ingram Micro by 20.5% in the 4th quarter. CWM LLC now owns 4,144 shares of the company’s stock valued at $88,000 after buying an additional 705 shares in the last quarter. Wells Fargo & Company MN raised its stake in Ingram Micro by 33.2% during the 4th quarter. Wells Fargo & Company MN now owns 4,136 shares of the company’s stock worth $88,000 after buying an additional 1,031 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Ingram Micro during the 4th quarter worth approximately $94,000. Finally, Aquatic Capital Management LLC bought a new position in Ingram Micro in the third quarter worth approximately $110,000.

Ingram Micro Company Profile

Ingram Micro, headquartered in Irvine, California, is a global technology distributor and supply chain services provider. Listed on the New York Stock Exchange under the ticker INGM, the company connects leading technology manufacturers, cloud providers and channel partners through an integrated portfolio of products and services. Ingram Micro’s end-to-end solutions span product distribution, cloud enablement, e-commerce, logistics and lifecycle management, enabling customers of all sizes to bring new technology to market efficiently.

The company’s offerings are organized across several core areas.