Ingram Micro (NYSE:INGM) Raised to “Strong-Buy” at Zacks Research

Ingram Micro (NYSE:INGM) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other research firms have also issued reports on INGM. Weiss Ratings raised Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 30th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ingram Micro in a research note on Monday, August 31st. They set a “hold” rating and a $30.00 target price on the stock. Wall Street Zen raised shares of Ingram Micro from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 31st. The Goldman Sachs Group reiterated a “neutral” rating and issued a $33.00 price target on shares of Ingram Micro in a research note on Friday, July 31st. Finally, Morgan Stanley lowered their price target on shares of Ingram Micro from $33.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

Ingram Micro Stock Down 1.5%

NYSE:INGM opened at $26.12 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 1.31 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average is $27.48 and its two-hundred day moving average is $26.41. Ingram Micro has a 52 week low of $19.03 and a 52 week high of $31.69. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.69.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. The business had revenue of $15.22 billion during the quarter, compared to analysts’ expectations of $13.83 billion. Ingram Micro had a return on equity of 18.76% and a net margin of 0.79%. During the same period in the previous year, the firm posted $0.72 earnings per share. Research analysts anticipate that Ingram Micro will post 3.52 EPS for the current year.

Insider Transactions at Ingram Micro

In related news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $27.19, for a total value of $53,530,312.50. Following the completion of the transaction, the insider directly owned 162,372,569 shares of the company’s stock, valued at $4,414,910,151.11. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.95% of the stock is owned by company insiders.

Institutional Trading of Ingram Micro

Institutional investors have recently modified their holdings of the stock. Platinum Equity Advisors LLC DE acquired a new stake in Ingram Micro during the 2nd quarter worth $4,867,901,130. BlackRock Inc. purchased a new position in shares of Ingram Micro during the second quarter worth about $35,663,000. Allspring Global Investments Holdings LLC increased its position in shares of Ingram Micro by 19.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,188,414 shares of the company’s stock worth $33,026,000 after purchasing an additional 192,448 shares in the last quarter. Bank of America Corp DE increased its position in shares of Ingram Micro by 225.1% during the first quarter. Bank of America Corp DE now owns 1,038,331 shares of the company’s stock worth $24,203,000 after purchasing an additional 718,970 shares in the last quarter. Finally, Valley Wealth Managers Inc. lifted its holdings in shares of Ingram Micro by 1.2% in the 3rd quarter. Valley Wealth Managers Inc. now owns 890,942 shares of the company’s stock valued at $23,886,000 after purchasing an additional 10,738 shares during the last quarter.

Ingram Micro Company Profile

Ingram Micro Inc is a global technology distribution and services company that connects technology manufacturers with businesses, resellers, systems integrators and other channel partners. Its portfolio includes hardware, software, cloud solutions, cybersecurity products, networking equipment, data-center technologies and communications solutions.

The company also provides value-added services such as cloud marketplace management, device lifecycle services, logistics, fulfillment, financing support, technical assistance and professional services.