Ingram Micro (NYSE:INGM) Shares Break Below 200 Day Moving Average – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM)’s share price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $26.41 and traded as low as $25.56. Ingram Micro shares last traded at $26.1250, with a volume of 3,562,464 shares changing hands.

Analyst Upgrades and Downgrades

INGM has been the topic of several analyst reports. Zacks Research upgraded shares of Ingram Micro from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ingram Micro in a research note on Monday, August 31st. They issued a “hold” rating and a $30.00 price objective for the company. The Goldman Sachs Group reissued a “neutral” rating and set a $33.00 target price on shares of Ingram Micro in a research report on Friday, July 31st. Weiss Ratings upgraded Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 30th. Finally, Wall Street Zen raised Ingram Micro from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.50.

Ingram Micro Stock Performance

The stock has a market cap of $6.01 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.61 and a beta of 1.69. The firm has a 50 day moving average of $27.48 and a two-hundred day moving average of $26.41. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 1.31.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The company had revenue of $15.22 billion for the quarter, compared to the consensus estimate 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 business posted $0.72 EPS. On average, research analysts predict that Ingram Micro Holding Corporation will post 3.52 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 9th will be paid a $0.0880 dividend. The ex-dividend date is Monday, November 9th. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.0860. This represents a $0.35 annualized dividend and a dividend yield of 1.3%. Ingram Micro’s dividend payout ratio is 17.17%.

Insider Activity

In related news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $27.19, for a total transaction of $53,530,312.50. Following the transaction, the insider owned 162,372,569 shares of the company’s stock, valued at approximately $4,414,910,151.11. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Ingram Micro

Several large investors have recently bought and sold shares of the stock. Platinum Equity Advisors LLC DE acquired a new position in shares of Ingram Micro during the second quarter valued at about $4,867,901,130. BlackRock Inc. bought a new stake in shares of Ingram Micro in the second quarter valued at about $35,663,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Ingram Micro by 19.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,188,414 shares of the company’s stock valued at $33,026,000 after buying an additional 192,448 shares during the period. Bank of America Corp DE grew its position in 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 buying an additional 718,970 shares in the last quarter. Finally, Valley Wealth Managers Inc. grew its position in Ingram Micro by 1.2% during the third quarter. Valley Wealth Managers Inc. now owns 890,942 shares of the company’s stock worth $23,886,000 after buying an additional 10,738 shares in 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.