Bank of America Lowers Ingram Micro (NYSE:INGM) Price Target to $28.00

Ingram Micro (NYSE:INGM) had its price objective decreased by Bank of America from $30.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 44.19% from the stock’s previous close.

Several other brokerages have also issued reports on INGM. Melius initiated coverage on Ingram Micro in a research note on Tuesday, November 26th. They set a “hold” rating and a $26.00 price target for the company. Raymond James decreased their price objective on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. cut their target price on Ingram Micro from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday. Stifel Nicolaus started coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $28.00 price target on the stock. Finally, 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 research note on Wednesday. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Ingram Micro currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.29.

Ingram Micro Stock Down 7.4 %

Shares of NYSE INGM traded down $1.56 during midday trading on Wednesday, hitting $19.42. 305,511 shares of the company’s stock were exchanged, compared to its average volume of 410,606. The firm has a fifty day moving average price of $21.99. 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 $18.90 and a 12-month high of $25.69.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $13.21 billion. Sell-side analysts expect that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 4th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the company to buy up to 1.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Ingram Micro

Several large investors have recently added to or reduced their stakes in the stock. Capital World Investors bought a new stake in shares of Ingram Micro during the 4th quarter valued at about $68,295,000. Victory Capital Management Inc. purchased a new stake in Ingram Micro in the fourth quarter worth about $53,532,000. JPMorgan Chase & Co. bought a new stake in Ingram Micro during the 4th quarter valued at approximately $37,793,000. American Century Companies Inc. purchased a new position in shares of Ingram Micro during the 4th quarter worth approximately $36,268,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Ingram Micro in the 4th quarter worth approximately $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.