Ingram Micro (NYSE:INGM) Hits New 52-Week Low - Here's Why

Ingram Micro Holding Corp. (NYSE:INGM - Get Free Report)'s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $14.25 and last traded at $14.50, with a volume of 972039 shares changing hands. The stock had previously closed at $15.88.

Wall Street Analyst Weigh In

Several analysts recently commented on INGM shares. The Goldman Sachs Group dropped their price target on Ingram Micro from $33.00 to $29.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Bank of America cut their price objective on shares of Ingram Micro from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Ingram Micro from $28.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday, March 25th. 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 report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective 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. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, Ingram Micro presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.64.

Ingram Micro Stock Performance

The company has a 50-day moving average price of $20.00. 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 announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates 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. Research analysts predict that Ingram Micro Holding Corp. will post 2.71 EPS for the current year.

Ingram Micro Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th were paid a dividend of $0.074 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Tuesday, March 11th.

Ingram Micro announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Ingram Micro

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. acquired a new stake in Ingram Micro during the 4th quarter worth approximately $37,793,000. Rhumbline Advisers purchased a new position in Ingram Micro in the 4th quarter valued at $171,000. Allspring Global Investments Holdings LLC acquired a new position in Ingram Micro in the 4th quarter valued at $17,432,000. New York State Common Retirement Fund purchased a new position in Ingram Micro during the 4th quarter worth $304,000. Finally, Burkehill Global Management LP purchased a new stake in shares of Ingram Micro in the fourth quarter valued at about $5,526,000.

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.