Ingram Micro (NYSE:INGM) Price Target Lowered to $28.00 at Bank of America

Ingram Micro (NYSE:INGM) had its target price decreased by investment analysts at Bank of America from $30.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 44.19% from the company’s previous close.

A number of other research firms have also recently commented on INGM. William Blair initiated coverage on Ingram Micro in a research note on Monday, November 18th. They issued an “outperform” rating on the stock. Raymond James cut their price objective on shares of Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Ingram Micro from $27.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ingram Micro in a report on Monday, November 18th. They set a “buy” rating and a $26.00 price target on the stock. Finally, Stifel Nicolaus started coverage on shares of Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $28.00 price objective for the company. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.29.

Ingram Micro Trading Down 7.4 %

NYSE:INGM traded down $1.56 during mid-day trading on Wednesday, hitting $19.42. 305,511 shares of the company’s stock were exchanged, compared to its average volume of 410,606. 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 has a one year low of $18.90 and a one year high of $25.69. The company has a fifty day moving average price of $21.99.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. As a group, analysts forecast that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro declared that its board has authorized a share repurchase plan on Tuesday, March 4th that permits the company to repurchase $75.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

Large investors have recently made changes to their positions in the company. Capital World Investors bought a new position in shares of Ingram Micro in the 4th quarter worth approximately $68,295,000. Victory Capital Management Inc. purchased a new stake in Ingram Micro during the fourth quarter valued at approximately $53,532,000. JPMorgan Chase & Co. bought a new position in Ingram Micro in the fourth quarter worth approximately $37,793,000. American Century Companies Inc. purchased a new position in shares of Ingram Micro during the 4th quarter worth $36,268,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Ingram Micro during the 4th quarter valued at $30,683,000.

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.