Ingram Micro (NYSE:INGM) Given New $24.00 Price Target at Jefferies Financial Group

Ingram Micro (NYSE:INGM) had its price objective reduced by Jefferies Financial Group from $28.00 to $24.00 in a research note released on Tuesday, MarketBeat reports. Jefferies Financial Group currently has a buy rating on the stock.

Several other research analysts also recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of Ingram Micro from $33.00 to $29.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Melius Research upgraded Ingram Micro to a “hold” rating in a research report on Tuesday, November 26th. Melius initiated coverage on Ingram Micro in a report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price objective on the stock. Loop Capital reduced their target price on Ingram Micro from $30.00 to $25.00 and set a “buy” rating for the company in a report on Monday, March 10th. Finally, Bank of America lowered their price target on shares of Ingram Micro from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ingram Micro presently has an average rating of “Moderate Buy” and an average target price of $26.64.

Ingram Micro Stock Down 3.3 %

NYSE:INGM opened at $18.18 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93. Ingram Micro has a 12 month low of $17.80 and a 12 month high of $25.69. The business has a 50 day moving average of $21.69.

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

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

Ingram Micro Announces Dividend

The business also recently disclosed 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, March 11th.

Hedge Funds Weigh In On Ingram Micro

A number of large investors have recently modified their holdings of the company. Capital World Investors bought a new stake in Ingram Micro in the fourth quarter worth $68,295,000. Victory Capital Management Inc. purchased a new position in shares of Ingram Micro in the fourth quarter worth about $53,532,000. JPMorgan Chase & Co. bought a new position in shares of Ingram Micro during the fourth quarter valued at approximately $37,793,000. American Century Companies Inc. purchased a new stake in Ingram Micro in the fourth quarter worth $36,268,000. Finally, Ameriprise Financial Inc. purchased a new position in Ingram Micro during the 4th quarter valued at $30,683,000.

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.