Ingram Micro (NYSE:INGM) Now Covered by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Ingram Micro (NYSE:INGM) in a report released on Tuesday, Marketbeat.com reports. The firm issued a hold rating and a $25.00 target price on the stock.

A number of other research analysts have also recently issued reports on INGM. Wall Street Zen raised shares of Ingram Micro from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. William Blair reissued an “outperform” rating on shares of Ingram Micro in a research note on Tuesday, March 3rd. Morgan Stanley upped their price target on Ingram Micro from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. The Goldman Sachs Group downgraded Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research note on Tuesday, January 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ingram Micro in a report on Friday. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $24.50.

Ingram Micro Price Performance

Ingram Micro stock opened at $23.27 on Tuesday. The company has a market cap of $5.39 billion, a P/E ratio of 16.86, a price-to-earnings-growth ratio of 0.76 and a beta of 2.27. Ingram Micro has a one year low of $14.25 and a one year high of $26.38. The business has a fifty day moving average of $21.88 and a two-hundred day moving average of $21.64. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.97 and a current ratio of 1.33.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.96 earnings per share (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 during the quarter, compared to the consensus estimate of $14.18 billion. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, analysts predict that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a $0.082 dividend. This represents a $0.33 annualized dividend and a dividend yield of 1.4%. This is a boost from Ingram Micro’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Tuesday, March 10th. Ingram Micro’s payout ratio is currently 23.19%.

Ingram Micro announced that its board has approved a stock repurchase plan on Monday, March 2nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its position in Ingram Micro by 1.9% during the third quarter. American Century Companies Inc. now owns 2,914,724 shares of the company’s stock worth $62,637,000 after buying an additional 54,971 shares in the last quarter. Synergy Asset Management LLC purchased a new stake in shares of Ingram Micro in the third quarter valued at $2,262,000. Crossingbridge Advisors LLC lifted its position in shares of Ingram Micro by 600.0% in the third quarter. Crossingbridge Advisors LLC now owns 70,000 shares of the company’s stock valued at $1,504,000 after acquiring an additional 60,000 shares in the last quarter. Invenomic Capital Management LP boosted its stake in shares of Ingram Micro by 58.2% during the third quarter. Invenomic Capital Management LP now owns 929,332 shares of the company’s stock valued at $19,971,000 after acquiring an additional 341,895 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Ingram Micro during the second quarter valued at $1,099,000.

About Ingram Micro

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.