Ingram Micro (NYSE:INGM) Price Target Lowered to $26.00 at Evercore ISI

Ingram Micro (NYSE:INGM - Get Free Report) had its price target dropped by investment analysts at Evercore ISI from $27.00 to $26.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's price target would suggest a potential upside of 32.69% from the company's current price.

Other research analysts also recently issued reports about the stock. Melius Research raised shares of Ingram Micro to a "hold" rating in a research report on Tuesday, November 26th. Melius began coverage on Ingram Micro in a report on Tuesday, November 26th. They set a "hold" rating and a $26.00 price target on the stock. BNP Paribas began coverage on Ingram Micro in a research note on Monday, November 18th. They set a "neutral" rating and a $25.00 price objective for the company. Morgan Stanley lowered their target price on Ingram Micro from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ingram Micro in a research note on Monday, November 18th. They set a "buy" rating and a $26.00 price target for the company. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $27.29.

Ingram Micro Stock Performance

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

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Ingram Micro (NYSE:INGM - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) 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 predict that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro announced that its board has initiated a share buyback plan on Tuesday, March 4th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

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