Bank of America Cuts Ingram Micro (NYSE:INGM) Price Target to $28.00

Ingram Micro (NYSE:INGM - Free Report) had its target price reduced by Bank of America from $30.00 to $28.00 in a report published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other research firms also recently weighed in on INGM. Raymond James dropped their target price on Ingram Micro from $28.00 to $26.00 and set an "outperform" rating for the company in a research report on Wednesday. Morgan Stanley dropped their target price on Ingram Micro from $27.00 to $26.00 and set an "overweight" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on Ingram Micro from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Wednesday. William Blair started coverage on Ingram Micro in a research report on Monday, November 18th. They issued an "outperform" rating for the company. Finally, Royal Bank of Canada boosted their target price on Ingram Micro from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $27.29.

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Ingram Micro Stock Performance

Shares of INGM traded up $0.13 during trading hours on Wednesday, reaching $19.59. 494,395 shares of the company's stock traded hands, compared to its average volume of 419,111. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93. The firm's 50 day simple moving average is $21.96. Ingram Micro has a 12 month low of $18.90 and a 12 month high of $25.69.

Ingram Micro (NYSE:INGM - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. As a group, equities analysts forecast that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

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

Ingram Micro Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th will be paid a dividend of $0.074 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.51%.

Hedge Funds Weigh In On Ingram Micro

Hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN purchased a new position in shares of Ingram Micro during the fourth quarter valued at approximately $45,000. Cohen & Steers Inc. purchased 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 in the fourth quarter worth $52,000. Cubist Systematic Strategies LLC purchased a new stake in Ingram Micro in the fourth quarter worth $80,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Ingram Micro in the fourth quarter worth $118,000.

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.