Millennium Management LLC Takes Position in Ingram Micro Holding Corp. (NYSE:INGM)

Millennium Management LLC purchased a new stake in Ingram Micro Holding Corp. (NYSE:INGM) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 394,429 shares of the company’s stock, valued at approximately $7,648,000. Millennium Management LLC owned 0.17% of Ingram Micro at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of INGM. Wells Fargo & Company MN purchased a new position in Ingram Micro in the 4th quarter valued at approximately $45,000. Cohen & Steers Inc. purchased a new position in Ingram Micro in the 4th quarter valued at approximately $48,000. Tower Research Capital LLC TRC purchased a new position in Ingram Micro in the 4th quarter valued at approximately $52,000. Cubist Systematic Strategies LLC purchased a new position in Ingram Micro in the 4th quarter valued at approximately $80,000. Finally, Russell Investments Group Ltd. purchased a new position in Ingram Micro in the 4th quarter valued at approximately $120,000.

Ingram Micro Trading Down 1.1%

Shares of NYSE:INGM opened at $19.49 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. Ingram Micro Holding Corp. has a 52 week low of $14.25 and a 52 week high of $25.69. The business has a fifty day simple moving average of $17.98 and a 200-day simple moving average of $20.41.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $13.21 billion. On average, sell-side analysts predict that Ingram Micro Holding Corp. will post 2.71 EPS for the current year.

Ingram Micro announced that its board has initiated a share buyback plan on Tuesday, March 4th that permits the company to buyback $75.00 million in shares. This buyback authorization permits the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be given a dividend of $0.076 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Tuesday, May 20th. This is an increase from Ingram Micro’s previous quarterly dividend of $0.07.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Raymond James dropped their price objective on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating for the company in a research note 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. Morgan Stanley raised their price target on Ingram Micro from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Royal Bank of Canada raised their price target on Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Finally, Bank of America dropped their price target on Ingram Micro from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.79.

Ingram Micro 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.