Ingram Micro (NYSE:INGM) Announces Share Repurchase Program

Ingram Micro (NYSE:INGM) announced that its board has approved a stock repurchase program on Tuesday, March 4th, RTT News reports. The company plans to repurchase $75.00 million in shares. This repurchase authorization allows the company to purchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Ingram Micro Stock Down 1.8 %

Ingram Micro stock opened at $19.46 on Friday. The business’s 50-day moving average is $21.96. 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 52 week low of $18.90 and a 52 week high of $25.69.

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

Ingram Micro Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.074 per share. The ex-dividend date is Tuesday, March 11th. This represents a $0.30 annualized dividend and a yield of 1.52%.

Analysts Set New Price Targets

Several research analysts have issued reports on INGM shares. William Blair started coverage on Ingram Micro in a research report on Monday, November 18th. They issued an “outperform” rating on the stock. Royal Bank of Canada raised their target price on Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Raymond James dropped their target price on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday. Stifel Nicolaus started coverage on Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $28.00 target price on the stock. Finally, Loop Capital initiated coverage on Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.29.

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.