Ingram Micro (NYSE:INGM) Reaches New 52-Week High – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $30.33 and last traded at $30.4480, with a volume of 57596 shares trading hands. The stock had previously closed at $29.80.

Analyst Ratings Changes

A number of brokerages have weighed in on INGM. Zacks Research upgraded shares of Ingram Micro from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ingram Micro in a research report on Friday, March 27th. Truist Financial began coverage on Ingram Micro in a research report on Tuesday, March 31st. They issued a “hold” rating and a $25.00 price target for the company. The Goldman Sachs Group cut Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research report on Tuesday, January 13th. Finally, Raymond James Financial set a $27.00 target price on Ingram Micro in a report on Tuesday, March 3rd. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ingram Micro currently has a consensus rating of “Hold” and a consensus target price of $24.71.

Ingram Micro Trading Up 2.6%

The firm has a fifty day simple moving average of $23.32 and a two-hundred day simple moving average of $22.17. The stock has a market cap of $7.09 billion, a PE ratio of 22.10, a PEG ratio of 1.01 and a beta of 1.39. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 0.65.

Ingram Micro (NYSE:INGM) last posted its quarterly earnings data on Monday, March 2nd. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.06. The company had revenue of $14.88 billion for the quarter, compared to analysts’ expectations of $14.18 billion. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. Ingram Micro’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities analysts expect that Ingram Micro Holding Corporation will post 2.71 earnings per share 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 $0.082 dividend. This represents a $0.33 annualized dividend and a yield of 1.1%. This is a boost from Ingram Micro’s previous quarterly dividend of $0.08. The ex-dividend date was Tuesday, March 10th. Ingram Micro’s dividend payout ratio (DPR) is presently 23.91%.

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

Institutional Investors Weigh In On Ingram Micro

Several hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Ingram Micro by 27.5% during the fourth quarter. Victory Capital Management Inc. now owns 3,126,480 shares of the company’s stock worth $66,719,000 after purchasing an additional 673,840 shares during the last quarter. American Century Companies Inc. lifted its stake in Ingram Micro by 1.9% in the third quarter. American Century Companies Inc. now owns 2,914,724 shares of the company’s stock worth $62,637,000 after purchasing an additional 54,971 shares during the last quarter. Wellington Management Group LLP lifted its stake in Ingram Micro by 26.4% in the fourth quarter. Wellington Management Group LLP now owns 2,663,257 shares of the company’s stock worth $56,834,000 after purchasing an additional 556,931 shares during the last quarter. Capital World Investors lifted its stake in Ingram Micro by 12.9% in the fourth quarter. Capital World Investors now owns 2,642,029 shares of the company’s stock worth $56,381,000 after purchasing an additional 302,858 shares during the last quarter. Finally, Lind Value II ApS lifted its stake in shares of Ingram Micro by 10.1% in the 4th quarter. Lind Value II ApS now owns 2,419,546 shares of the company’s stock valued at $51,633,000 after acquiring an additional 220,979 shares during the last quarter.

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.