Jefferies Financial Group Issues Pessimistic Forecast for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price target reduced by equities researchers at Jefferies Financial Group from $28.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price suggests a potential upside of 21.69% from the stock’s previous close.

Several other analysts also recently weighed in on INGM. Evercore ISI decreased their price target on shares of Ingram Micro from $27.00 to $26.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley reduced their price objective on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. The Goldman Sachs Group decreased their price target 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. Royal Bank of Canada upped their target price on shares of Ingram Micro from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, Melius Research upgraded Ingram Micro to a “hold” rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Ingram Micro presently has an average rating of “Moderate Buy” and a consensus target price of $26.64.

Ingram Micro Trading Down 1.0 %

Shares of NYSE:INGM traded down $0.21 during trading on Tuesday, reaching $19.72. 310,927 shares of the company traded hands, compared to its average volume of 350,821. The company has a fifty day simple moving average of $21.83. Ingram Micro has a 1-year low of $18.38 and a 1-year high of $25.69. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93.

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

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 outstanding shares. This repurchase authorization authorizes the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Ingram Micro

A number of large investors have recently bought and sold shares of INGM. Wellington Management Group LLP bought a new stake in Ingram Micro in the fourth quarter valued at $26,969,000. California State Teachers Retirement System bought a new position in Ingram Micro in the fourth quarter worth approximately $26,000. Public Employees Retirement System of Ohio bought a new stake in shares of Ingram Micro during the fourth quarter valued at approximately $118,000. Woodline Partners LP acquired a new position in shares of Ingram Micro during the fourth quarter worth approximately $5,831,000. Finally, Zimmer Partners LP acquired a new stake in Ingram Micro in the 4th quarter valued at $291,000.

About Ingram Micro

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.