Ingram Micro (NYSE:INGM) Price Target Cut to $29.00 by Analysts at The Goldman Sachs Group

Ingram Micro (NYSE:INGM - Free Report) had its price objective trimmed by The Goldman Sachs Group from $33.00 to $29.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms also recently commented on INGM. JPMorgan Chase & Co. lowered their target price on shares of Ingram Micro from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday. Morgan Stanley lowered their target price on shares of Ingram Micro from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Wednesday. Jefferies Financial Group started coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a "buy" rating and a $28.00 price target on the stock. Melius Research raised shares of Ingram Micro to a "hold" rating in a research note on Tuesday, November 26th. Finally, BNP Paribas started coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a "neutral" rating and a $25.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $27.29.

Ingram Micro Stock Performance

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

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

Ingram Micro Dividend Announcement

The company 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 $0.074 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Tuesday, March 11th.

Ingram Micro declared that its board has approved a share buyback program on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN bought a new position in shares of Ingram Micro in the fourth quarter worth about $45,000. Cohen & Steers Inc. bought a new position in Ingram Micro during the 4th quarter worth about $48,000. Tower Research Capital LLC TRC bought a new position in Ingram Micro during the 4th quarter worth about $52,000. Cubist Systematic Strategies LLC bought a new position in Ingram Micro during the 4th quarter worth about $80,000. Finally, Public Employees Retirement System of Ohio bought a new position in Ingram Micro during the 4th quarter worth about $118,000.

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.