Ingram Micro (NYSE:INGM) Given New $24.00 Price Target at Jefferies Financial Group

Ingram Micro (NYSE:INGM) had its target price reduced by Jefferies Financial Group from $28.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 21.69% from the stock’s previous close.

INGM has been the subject of a number of other reports. The Goldman Sachs Group reduced their price objective on shares of Ingram Micro from $33.00 to $29.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada boosted their price objective on Ingram Micro from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Melius Research upgraded Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. Raymond James lowered their price target on shares of Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Finally, Loop Capital reduced their price objective on shares of Ingram Micro from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Ingram Micro presently has an average rating of “Moderate Buy” and a consensus target price of $26.64.

Ingram Micro Price Performance

NYSE INGM traded down $0.21 on Tuesday, hitting $19.72. 310,927 shares of the stock traded hands, compared to its average volume of 350,821. The stock’s fifty day simple moving average is $21.83. 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 has a 12 month low of $18.38 and a 12 month high of $25.69.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. Analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro declared that its board has initiated a share repurchase program on Tuesday, March 4th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Ingram Micro

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