JPMorgan Chase & Co. Issues Pessimistic Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM - Get Free Report) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $27.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 32.69% from the stock's previous close.

A number of other analysts also recently weighed in on INGM. Morgan Stanley reduced their price target on shares of Ingram Micro from $27.00 to $26.00 and set an "overweight" rating for the company in a report on Wednesday. Evercore ISI reduced their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an "in-line" rating for the company in a report on Wednesday. Northcoast Research initiated coverage on shares of Ingram Micro in a report on Friday, November 8th. They set a "neutral" rating for the company. Melius Research raised shares of Ingram Micro to a "hold" rating in a report on Tuesday, November 26th. Finally, Raymond James initiated coverage on shares of Ingram Micro in a report on Monday, November 18th. They set an "outperform" rating and a $28.00 price objective for the company. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $27.29.

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Ingram Micro Price Performance

Ingram Micro stock traded up $0.13 during mid-day trading on Wednesday, reaching $19.59. The company had a trading volume of 494,395 shares, compared to its average volume of 419,111. 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 has a 52 week low of $18.90 and a 52 week high of $25.69. The stock's 50 day simple moving average is $21.96.

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 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 the consensus estimate of $13.21 billion. Analysts expect that Ingram Micro will post 2.71 EPS for the current year.

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

Institutional Investors Weigh In On Ingram Micro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INGM. Allspring Global Investments Holdings LLC acquired a new stake in Ingram Micro in the 4th quarter valued at about $17,432,000. Rhumbline Advisers acquired a new stake in Ingram Micro in the 4th quarter valued at about $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 acquired a new stake in Ingram Micro in the 4th quarter valued at about $207,000. Finally, Keybank National Association OH acquired a new stake in Ingram Micro in the 4th quarter valued at about $319,000.

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.