Jefferies Financial Group Cuts Ingram Micro (NYSE:INGM) Price Target to $24.00

Ingram Micro (NYSE:INGM) had its price target decreased by Jefferies Financial Group from $28.00 to $24.00 in a report published on Tuesday morning, Marketbeat reports. Jefferies Financial Group currently has a buy rating on the stock.

INGM has been the topic of several other research reports. Bank of America cut their price target on Ingram Micro from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Loop Capital dropped their price objective on Ingram Micro from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Morgan Stanley reduced their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Melius assumed coverage on Ingram Micro in a research report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price objective for the company. Finally, Melius Research upgraded shares of Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.64.

Ingram Micro Trading Down 3.3 %

NYSE INGM opened at $18.18 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.96 and a current ratio of 1.40. The stock has a 50 day simple moving average of $21.69. Ingram Micro has a 12 month low of $17.80 and a 12 month high of $25.69.

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

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

Ingram Micro Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were paid a $0.074 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Tuesday, March 11th.

Institutional Trading of Ingram Micro

A number of institutional investors have recently bought and sold shares of INGM. California State Teachers Retirement System bought a new stake in Ingram Micro in the fourth quarter valued at $26,000. Wells Fargo & Company MN acquired a new stake in shares of Ingram Micro in the 4th quarter valued at about $45,000. Cohen & Steers Inc. bought a new stake in Ingram Micro in the 4th quarter valued at about $48,000. Tower Research Capital LLC TRC bought a new position in Ingram Micro in the fourth quarter worth approximately $52,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Ingram Micro in the fourth quarter valued at approximately $80,000.

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.