Norges Bank Purchases New Position in Ingram Micro Holding Corp. (NYSE:INGM)

Norges Bank bought a new position in shares of Ingram Micro Holding Corp. (NYSE:INGM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,350,700 shares of the company's stock, valued at approximately $26,190,000. Norges Bank owned about 0.58% of Ingram Micro as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INGM. Rhumbline Advisers acquired a new position in Ingram Micro during the fourth quarter worth about $171,000. Bank of New York Mellon Corp purchased a new stake in shares of Ingram Micro in the fourth quarter valued at approximately $207,000. New York State Common Retirement Fund purchased a new stake in shares of Ingram Micro in the fourth quarter valued at approximately $304,000. Keybank National Association OH purchased a new position in Ingram Micro during the fourth quarter worth approximately $319,000. Finally, Sei Investments Co. purchased a new stake in Ingram Micro in the 4th quarter valued at $4,980,000.

Ingram Micro Price Performance

NYSE INGM traded up $0.08 during trading hours on Friday, hitting $15.39. 465,192 shares of the company were exchanged, compared to its average volume of 444,799. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. The company's 50 day simple moving average is $20.00. Ingram Micro Holding Corp. has a 52-week low of $14.25 and a 52-week high of $25.69.

Ingram Micro (NYSE:INGM - Get Free Report) last released its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $13.21 billion. Analysts forecast that Ingram Micro Holding Corp. will post 2.71 EPS for the current fiscal year.

Ingram Micro declared that its board has approved a stock repurchase plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors 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 given a dividend of $0.074 per share. The ex-dividend date was Tuesday, March 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.92%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INGM. Evercore ISI lowered their price target on shares of Ingram Micro from $27.00 to $26.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on shares of Ingram Micro from $28.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, March 25th. Morgan Stanley cut 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. JPMorgan Chase & Co. lowered their price objective on Ingram Micro from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Wednesday, March 5th. Finally, Bank of America decreased 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. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $26.64.

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.