Ingram Micro (NYSE:INGM) Upgraded at Wall Street Zen
by Scott Moore · The Cerbat GemWall Street Zen upgraded shares of Ingram Micro (NYSE:INGM – Free Report) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday morning.
A number of other brokerages also recently commented on INGM. Zacks Research raised shares of Ingram Micro from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. The Goldman Sachs Group raised their target price on shares of Ingram Micro from $25.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Ingram Micro in a research note on Friday, March 27th. Morgan Stanley raised their target price on shares of Ingram Micro from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. Finally, William Blair reaffirmed an “outperform” rating on shares of Ingram Micro in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Ingram Micro presently has an average rating of “Hold” and a consensus target price of $26.86.
View Our Latest Analysis on Ingram Micro
Ingram Micro Stock Performance
Shares of INGM stock opened at $30.17 on Friday. The company’s fifty day simple moving average is $24.39 and its 200-day simple moving average is $22.54. Ingram Micro has a 52 week low of $17.35 and a 52 week high of $31.38. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 0.65. The company has a market cap of $6.99 billion, a PE ratio of 21.86, a P/E/G ratio of 1.03 and a beta of 1.39.
Ingram Micro (NYSE:INGM – Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.06. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. The business had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $14.18 billion. The business’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities research analysts anticipate that Ingram Micro will post 3.15 EPS for the current year.
Ingram Micro Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were issued a dividend of $0.082 per share. This represents a $0.33 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, March 10th. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.08. Ingram Micro’s dividend payout ratio (DPR) is 23.91%.
Ingram Micro announced that its board has authorized a share buyback plan on Monday, March 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Institutional Investors Weigh In On Ingram Micro
A number of large investors have recently added to or reduced their stakes in the company. Comerica Bank grew its holdings in Ingram Micro by 2,844.2% during the 3rd quarter. Comerica Bank now owns 3,798 shares of the company’s stock worth $82,000 after acquiring an additional 3,669 shares in the last quarter. CWM LLC grew its holdings in Ingram Micro by 20.5% during the 4th quarter. CWM LLC now owns 4,144 shares of the company’s stock worth $88,000 after acquiring an additional 705 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Ingram Micro by 33.2% during the 4th quarter. Wells Fargo & Company MN now owns 4,136 shares of the company’s stock worth $88,000 after acquiring an additional 1,031 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Ingram Micro during the 4th quarter worth $94,000. Finally, Aquatic Capital Management LLC acquired a new position in Ingram Micro during the 3rd quarter worth $110,000.
Ingram Micro Company Profile
Ingram Micro, headquartered in Irvine, California, is a global technology distributor and supply chain services provider. Listed on the New York Stock Exchange under the ticker INGM, the company connects leading technology manufacturers, cloud providers and channel partners through an integrated portfolio of products and services. Ingram Micro’s end-to-end solutions span product distribution, cloud enablement, e-commerce, logistics and lifecycle management, enabling customers of all sizes to bring new technology to market efficiently.
The company’s offerings are organized across several core areas.