Ingram Micro (NYSE:INGM) Rating Lowered to Buy at Wall Street Zen

Ingram Micro (NYSE:INGM) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other brokerages have also weighed in on INGM. Truist Financial assumed coverage on shares of Ingram Micro in a research report on Tuesday, March 31st. They set a “hold” rating and a $25.00 target price for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 target price on shares of Ingram Micro in a research report on Monday, December 15th. William Blair reissued an “outperform” rating on shares of Ingram Micro in a report on Tuesday, March 3rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $24.00 price target on shares of Ingram Micro in a report on Monday, December 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ingram Micro in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ingram Micro currently has a consensus rating of “Hold” and a consensus target price of $24.50.

Ingram Micro Stock Performance

NYSE INGM opened at $27.16 on Friday. Ingram Micro has a 52-week low of $14.71 and a 52-week high of $27.40. The company has a 50-day simple moving average of $22.59 and a 200 day simple moving average of $21.91. 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 market capitalization of $6.29 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.92 and a beta of 1.39.

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

Ingram Micro announced that its Board of Directors has authorized a share repurchase plan on Monday, March 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Ingram Micro

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in Ingram Micro by 27.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,126,480 shares of the company’s stock valued at $66,719,000 after purchasing an additional 673,840 shares in the last quarter. American Century Companies Inc. raised 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 valued at $62,637,000 after purchasing an additional 54,971 shares in the last quarter. Wellington Management Group LLP raised 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 valued at $56,834,000 after purchasing an additional 556,931 shares in the last quarter. Capital World Investors raised 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 valued at $56,381,000 after purchasing an additional 302,858 shares in the last quarter. Finally, Lind Value II ApS raised its stake in Ingram Micro by 10.1% in the fourth quarter. Lind Value II ApS now owns 2,419,546 shares of the company’s stock valued at $51,633,000 after purchasing an additional 220,979 shares in 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.