Ingram Micro (NYSE:INGM) Now Covered by Truist Financial

Analysts at Truist Financial started coverage on shares of Ingram Micro (NYSE:INGM) in a note issued to investors on Tuesday. The firm set a “hold” rating and a $25.00 price target on the stock. Truist Financial’s price target would indicate a potential upside of 11.72% from the company’s current price.

INGM has been the subject of a number of other reports. Morgan Stanley upped 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. Royal Bank Of Canada restated an “outperform” rating and issued a $24.00 price target on shares of Ingram Micro in a research report on Monday, December 22nd. Raymond James Financial set a $27.00 price objective on Ingram Micro in a research report on Tuesday, March 3rd. Zacks Research upgraded Ingram Micro from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ingram Micro in a report on Friday. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $24.50.

Ingram Micro Trading Up 0.3%

INGM opened at $22.38 on Tuesday. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 0.76 and a beta of 2.27. Ingram Micro has a 52 week low of $14.25 and a 52 week high of $26.38. The business’s 50 day moving average is $21.83 and its two-hundred day moving average is $21.63. 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 announced its earnings results on Monday, March 2nd. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.06. The business had revenue of $14.88 billion for the quarter, compared to analysts’ expectations of $14.18 billion. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, research analysts predict that Ingram Micro will post 2.71 EPS for the current year.

Ingram Micro declared that its board has initiated a stock buyback program on Monday, March 2nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its position in shares of Ingram Micro by 1.9% during the 3rd quarter. American Century Companies Inc. now owns 2,914,724 shares of the company’s stock worth $62,637,000 after purchasing an additional 54,971 shares in the last quarter. Synergy Asset Management LLC purchased a new position in shares of Ingram Micro in the 3rd quarter valued at about $2,262,000. Crossingbridge Advisors LLC boosted its holdings in Ingram Micro by 600.0% during the third quarter. Crossingbridge Advisors LLC now owns 70,000 shares of the company’s stock worth $1,504,000 after buying an additional 60,000 shares in the last quarter. Invenomic Capital Management LP grew its position in Ingram Micro by 58.2% during the third quarter. Invenomic Capital Management LP now owns 929,332 shares of the company’s stock worth $19,971,000 after buying an additional 341,895 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Ingram Micro in the second quarter valued at about $1,099,000.

About Ingram Micro

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.