Ingram Micro (NYSE:INGM) Hits New 12-Month Low – Here’s What Happened

Ingram Micro Holding Corp. (NYSE:INGM)’s stock price hit a new 52-week low on Thursday . The company traded as low as $16.86 and last traded at $16.93, with a volume of 113635 shares trading hands. The stock had previously closed at $18.28.

Analysts Set New Price Targets

A number of brokerages have issued reports on INGM. Raymond James cut their price objective on Ingram Micro from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on shares of Ingram Micro from $27.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, March 5th. The Goldman Sachs Group decreased their price objective on shares of Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Evercore ISI cut their target price on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Finally, Bank of America decreased their price target on Ingram Micro from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.64.

Ingram Micro Trading Down 7.4 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. The business has a fifty day moving average price of $21.35.

Ingram Micro (NYSE:INGM) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $13.21 billion. On average, equities analysts anticipate that Ingram Micro Holding Corp. will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were given a $0.074 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.75%.

Ingram Micro announced that its board has approved a share repurchase plan on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Several hedge funds have recently added to or reduced their stakes in INGM. Wellington Management Group LLP bought a new stake in shares of Ingram Micro in the 4th quarter valued at about $26,969,000. California State Teachers Retirement System acquired a new position in Ingram Micro during the fourth quarter valued at approximately $26,000. Public Employees Retirement System of Ohio bought a new stake in Ingram Micro in the fourth quarter valued at approximately $118,000. Woodline Partners LP acquired a new stake in Ingram Micro in the fourth quarter worth $5,831,000. Finally, Zimmer Partners LP bought a new position in shares of Ingram Micro during the fourth quarter worth $291,000.

Ingram Micro Company Profile

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.