Ingram Micro (NYSE:INGM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ingram Micro (NYSE:INGM) from a buy rating to a strong-buy rating in a report published on Saturday.

A number of other research analysts have also weighed in on the stock. Morgan Stanley raised their target price on shares of Ingram Micro from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ingram Micro in a research report on Monday, December 29th. The Goldman Sachs Group cut shares of Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research note on Tuesday, January 13th. Raymond James Financial set a $27.00 target price on shares of Ingram Micro in a report on Tuesday, March 3rd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 price target on shares of Ingram Micro in a report on Monday, December 22nd. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.33.

Ingram Micro Stock Up 1.0%

INGM opened at $22.29 on Friday. The firm has a 50-day simple moving average of $21.54 and a two-hundred day simple moving average of $21.39. Ingram Micro has a 52 week low of $14.25 and a 52 week high of $26.38. The company has a market capitalization of $5.24 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 0.76 and a beta of 2.27. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 0.65.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.06. The business had revenue of $14.88 billion for the quarter, compared to the consensus estimate of $14.18 billion. Ingram Micro had a return on equity of 16.78% and a net margin of 0.62%.The company’s revenue was up 11.5% on a year-over-year basis. Analysts forecast that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be issued a dividend of $0.082 per share. This represents a $0.33 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, March 10th. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.08. Ingram Micro’s payout ratio is currently 23.19%.

Ingram Micro announced that its board has authorized a share buyback program on Monday, March 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INGM. Synergy Asset Management LLC bought a new stake in shares of Ingram Micro during the 3rd quarter worth approximately $2,262,000. American Century Companies Inc. grew its position in Ingram Micro by 1.9% in the 3rd quarter. American Century Companies Inc. now owns 2,914,724 shares of the company’s stock valued at $62,637,000 after acquiring an additional 54,971 shares during the last quarter. AXQ Capital LP bought a new position in Ingram Micro in the 2nd quarter valued at $432,000. Crossingbridge Advisors LLC increased its stake in Ingram Micro by 600.0% in the third quarter. Crossingbridge Advisors LLC now owns 70,000 shares of the company’s stock worth $1,504,000 after purchasing an additional 60,000 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of Ingram Micro during the second quarter worth $1,099,000.

Ingram Micro Company Profile

Ingram Micro, headquartered in Irvine, California, is a global technology distributor and supply chain services provider. Listed on the New York Stock Exchange under the ticker INGM, the company connects leading technology manufacturers, cloud providers and channel partners through an integrated portfolio of products and services. Ingram Micro’s end-to-end solutions span product distribution, cloud enablement, e-commerce, logistics and lifecycle management, enabling customers of all sizes to bring new technology to market efficiently.

The company’s offerings are organized across several core areas.