Ingram Micro (NYSE:INGM) Stock Rating Upgraded by Zacks Research

Ingram Micro (NYSE:INGM) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen upgraded Ingram Micro from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. Truist Financial lifted their price target on Ingram Micro from $29.00 to $31.00 and gave the stock a “hold” rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft began coverage on Ingram Micro in a research report on Monday, August 31st. They set a “hold” rating and a $30.00 price target for the company. The Goldman Sachs Group reissued a “neutral” rating and issued a $33.00 price objective on shares of Ingram Micro in a research note on Friday, July 31st. Finally, Morgan Stanley decreased their price objective on Ingram Micro from $33.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 16th. One equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

Ingram Micro Price Performance

Ingram Micro stock opened at $26.12 on Tuesday. The stock has a market capitalization 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 company’s fifty day moving average price is $27.48 and its 200 day moving average price is $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 has a 1 year low of $19.03 and a 1 year high of $31.69.

Ingram Micro (NYSE:INGM) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.13. The firm had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $13.83 billion. Ingram Micro had a net margin of 0.79% and a return on equity of 18.76%. During the same quarter in the prior year, the firm earned $0.72 EPS. As a group, equities research analysts anticipate that Ingram Micro will post 3.52 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of Ingram Micro stock in a transaction that occurred on Tuesday, September 15th. The stock was 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 in the company, valued at approximately $4,414,910,151.11. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.95% of the stock is owned by company insiders.

Institutional Trading of Ingram Micro

Several large investors have recently added to or reduced their stakes in INGM. Allworth Financial LP purchased a new position in Ingram Micro during the second quarter worth about $35,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Ingram Micro in the 2nd quarter valued at approximately $38,000. Royal Bank of Canada increased its holdings in shares of Ingram Micro by 252.2% during the 1st quarter. Royal Bank of Canada now owns 1,472 shares of the company’s stock worth $34,000 after buying an additional 1,054 shares during the last quarter. Reyes Financial Architecture Inc. purchased a new stake in shares of Ingram Micro during the 3rd quarter valued at approximately $43,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Ingram Micro during the 2nd quarter valued at approximately $44,000.

About Ingram Micro

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.