Ingram Micro (NYSE:INGM) Shares Gap Down Following Analyst Downgrade

Ingram Micro Holding Corp. (NYSE:INGM - Get Free Report)'s stock price gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $30.00 to $28.00. The stock had previously closed at $20.98, but opened at $20.00. Bank of America currently has a buy rating on the stock. Ingram Micro shares last traded at $19.12, with a volume of 71,228 shares.

Other equities research analysts also recently issued research reports about the company. Melius started coverage on Ingram Micro in a report on Tuesday, November 26th. They issued a "hold" rating and a $26.00 target price on the stock. The Goldman Sachs Group reduced their target price on Ingram Micro from $33.00 to $29.00 and set a "buy" rating on the stock in a report on Wednesday. Loop Capital started coverage on Ingram Micro in a report on Monday, November 18th. They issued a "buy" rating and a $30.00 target price on the stock. Stifel Nicolaus assumed coverage on Ingram Micro in a report on Monday, November 18th. They issued a "buy" rating and a $28.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Ingram Micro from $27.00 to $26.00 and set a "neutral" rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $27.29.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in Ingram Micro during the 4th quarter worth $17,432,000. New York State Common Retirement Fund bought a new position in Ingram Micro during the 4th quarter worth $304,000. Victory Capital Management Inc. bought a new position in Ingram Micro during the 4th quarter worth $53,532,000. CenterBook Partners LP bought a new position in Ingram Micro during the 4th quarter worth $1,224,000. Finally, Wellington Management Group LLP bought a new position in Ingram Micro during the 4th quarter worth $26,969,000.

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Ingram Micro Trading Up 0.7 %

The stock has a 50-day simple moving average of $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.

Ingram Micro (NYSE:INGM - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. On average, equities research analysts anticipate that Ingram Micro Holding Corp. will post 2.71 earnings per share for the current year.

Ingram Micro Announces Dividend

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

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

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.