JPMorgan Chase & Co. Cuts Ingram Micro (NYSE:INGM) Price Target to $20.00

Ingram Micro (NYSE:INGM) had its target price trimmed by JPMorgan Chase & Co. from $26.00 to $20.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a neutral rating on the stock.

INGM has been the subject of a number of other reports. Bank of America reduced their target price 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 reduced their target price on Ingram Micro from $28.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, March 25th. Royal Bank of Canada upped their price objective on shares of Ingram Micro from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Evercore ISI reduced their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Finally, Morgan Stanley decreased their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.21.

Ingram Micro Trading Up 0.8 %

Shares of NYSE INGM opened at $16.16 on Thursday. 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 12-month low of $14.25 and a 12-month high of $25.69. The business’s 50 day simple moving average is $19.20.

Ingram Micro (NYSE:INGM) last released its earnings results on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $13.21 billion. As a group, equities analysts forecast that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were issued a dividend of $0.074 per share. The ex-dividend date was Tuesday, March 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.83%.

Ingram Micro declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 4th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. California State Teachers Retirement System acquired a new position in shares of Ingram Micro during the 4th quarter valued at about $26,000. Wells Fargo & Company MN acquired a new stake in shares of Ingram Micro in the fourth quarter valued at about $45,000. Cohen & Steers Inc. acquired a new position in shares of Ingram Micro during the 4th quarter worth about $48,000. Tower Research Capital LLC TRC acquired a new position in shares of Ingram Micro during the 4th quarter worth about $52,000. Finally, GAMMA Investing LLC boosted its stake in Ingram Micro by 5,873.5% during the 1st quarter. GAMMA Investing LLC now owns 4,062 shares of the company’s stock valued at $720,000 after purchasing an additional 3,994 shares during the period.

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.