JPMorgan Chase & Co. Cuts Ingram Micro (NYSE:INGM) Price Target to $26.00

Ingram Micro (NYSE:INGM) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $27.00 to $26.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 36.02% from the stock’s current price.

A number of other analysts also recently commented on INGM. Royal Bank of Canada boosted their price target on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. The Goldman Sachs Group assumed coverage on Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $33.00 target price for the company. Bank of America began coverage on Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $30.00 price target on the stock. Melius Research raised Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. Finally, Raymond James initiated coverage on shares of Ingram Micro in a research report on Monday, November 18th. They issued an “outperform” rating and a $28.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.86.

Ingram Micro Price Performance

Shares of NYSE:INGM traded down $1.87 during trading on Wednesday, reaching $19.12. 123,985 shares of the company’s stock traded hands, compared to its average volume of 408,357. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. The company’s 50 day moving average is $21.99. Ingram Micro has a 12 month low of $18.90 and a 12 month high of $25.69.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. On average, sell-side analysts anticipate that Ingram Micro will post 2.71 EPS for the current year.

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

Institutional Trading of Ingram Micro

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Ingram Micro in the 4th quarter valued at approximately $17,432,000. Rhumbline Advisers acquired a new position in shares of Ingram Micro in the fourth quarter worth $171,000. New York State Common Retirement Fund purchased a new stake in shares of Ingram Micro during the fourth quarter worth $304,000. Bank of New York Mellon Corp acquired a new stake in Ingram Micro during the fourth quarter valued at $207,000. Finally, Keybank National Association OH bought a new position in Ingram Micro during the fourth quarter valued at approximately $319,000.

About Ingram Micro

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.