Ingram Micro (NYSE:INGM) Price Target Cut to $26.00 by Analysts at Raymond James

Ingram Micro (NYSE:INGM) had its target price lowered by analysts at Raymond James from $28.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James’ target price would suggest a potential upside of 33.99% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. William Blair assumed coverage on Ingram Micro in a report on Monday, November 18th. They issued an “outperform” rating for the company. Evercore ISI lowered their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a research note on Wednesday. Redburn Atlantic started coverage on shares of Ingram Micro in a report on Monday, November 18th. They issued a “buy” rating and a $30.00 price target for the company. Melius assumed coverage on shares of Ingram Micro in a research note on Tuesday, November 26th. They set a “hold” rating and a $26.00 price objective on the stock. Finally, Loop Capital initiated coverage on shares of Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Ingram Micro currently has an average rating of “Moderate Buy” and a consensus price target of $27.71.

Ingram Micro Stock Down 7.5 %

Shares of INGM traded down $1.58 during trading hours on Wednesday, reaching $19.41. 210,825 shares of the company traded hands, compared to its average volume of 409,412. Ingram Micro has a 12-month low of $18.90 and a 12-month high of $25.69. The stock has a fifty day moving average of $21.99. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93.

Ingram Micro (NYSE:INGM) last issued its 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 for the quarter, compared to analysts’ expectations of $13.21 billion. Equities research analysts expect that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Ingram Micro

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Ingram Micro in the fourth quarter worth $17,432,000. Rhumbline Advisers acquired a new position in shares of Ingram Micro in the 4th quarter valued at $171,000. New York State Common Retirement Fund purchased a new position in Ingram Micro in the 4th quarter worth $304,000. Bank of New York Mellon Corp acquired a new stake in Ingram Micro during the 4th quarter worth about $207,000. Finally, Keybank National Association OH purchased a new stake in Ingram Micro during the 4th quarter valued at about $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.