Ingram Micro (NYSE:INGM) Price Target Cut to $29.00 by Analysts at The Goldman Sachs Group

Ingram Micro (NYSE:INGM) had its price target decreased by The Goldman Sachs Group from $33.00 to $29.00 in a research note released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada boosted their price target on shares of Ingram Micro from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Friday, February 21st. BNP Paribas began coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a “neutral” rating and a $25.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $28.00 price target on the stock. Melius began coverage on Ingram Micro in a research report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price objective for the company. Finally, Northcoast Research began coverage on Ingram Micro in a report on Friday, November 8th. They issued a “neutral” rating for the company. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Ingram Micro currently has an average rating of “Moderate Buy” and a consensus price target of $27.29.

Ingram Micro Trading Down 5.5 %

INGM opened at $19.84 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93. The stock’s 50-day simple moving average is $21.97. Ingram Micro has a fifty-two week low of $18.90 and a fifty-two week high of $25.69.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Equities analysts expect that Ingram Micro will post 2.71 EPS for the current fiscal year.

Ingram Micro announced that its Board of Directors has authorized a share buyback plan on Tuesday, March 4th that allows the company to repurchase $75.00 million in shares. This repurchase authorization allows the company to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Ingram Micro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 11th will be issued a dividend of $0.074 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Tuesday, March 11th.

Hedge Funds Weigh In On Ingram Micro

Several hedge funds have recently made changes to their positions in INGM. Wells Fargo & Company MN bought a new stake in Ingram Micro during the fourth quarter worth approximately $45,000. Cohen & Steers Inc. acquired a new stake in shares of Ingram Micro during the 4th quarter valued at $48,000. Tower Research Capital LLC TRC bought a new stake in shares of Ingram Micro during the 4th quarter worth $52,000. Cubist Systematic Strategies LLC acquired a new position in shares of Ingram Micro in the 4th quarter worth $80,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Ingram Micro during the fourth quarter worth $118,000.

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.