Ingram Micro (NYSE:INGM) Reaches New 52-Week High – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM)’s stock price reached a new 52-week high on Monday . The stock traded as high as $30.33 and last traded at $30.4480, with a volume of 57596 shares. The stock had previously closed at $29.80.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INGM. Zacks Research raised Ingram Micro from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. William Blair reaffirmed an “outperform” rating on shares of Ingram Micro in a research report on Tuesday, March 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 price objective on shares of Ingram Micro in a research note on Monday, December 22nd. Wall Street Zen lowered Ingram Micro from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 11th. Finally, The Goldman Sachs Group cut shares of Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research report on Tuesday, January 13th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.71.

Ingram Micro Trading Up 2.6%

The company has a market cap of $7.09 billion, a price-to-earnings ratio of 22.10, a P/E/G ratio of 1.01 and a beta of 1.39. 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 firm’s 50-day moving average price is $23.32 and its 200 day moving average price is $22.17.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings data 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 firm had revenue of $14.88 billion during the quarter, compared to analysts’ expectations of $14.18 billion. Ingram Micro’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, equities analysts expect that Ingram Micro Holding Corporation will post 2.71 EPS for the current year.

Ingram Micro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were given a $0.082 dividend. 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 an increase from Ingram Micro’s previous quarterly dividend of $0.08. Ingram Micro’s payout ratio is currently 23.91%.

Ingram Micro declared that its board has authorized a share repurchase plan on Monday, March 2nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

Hedge funds have recently made changes to their positions in the business. Comerica Bank raised its stake in shares of 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 purchasing an additional 3,669 shares during the period. CWM LLC grew its position in shares of Ingram Micro by 20.5% during the 4th quarter. CWM LLC now owns 4,144 shares of the company’s stock valued at $88,000 after acquiring an additional 705 shares during the period. Wells Fargo & Company MN raised its stake in shares of Ingram Micro by 33.2% in the fourth quarter. Wells Fargo & Company MN now owns 4,136 shares of the company’s stock valued at $88,000 after buying an additional 1,031 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in shares of Ingram Micro in the fourth quarter valued at $94,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Ingram Micro in the third quarter valued at $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.