Truist Financial Initiates Coverage on Ingram Micro (NYSE:INGM)

Research analysts at Truist Financial began coverage on shares of Ingram Micro (NYSE:INGM) in a report issued on Tuesday. The firm set a “hold” rating and a $25.00 price target on the stock. Truist Financial’s price objective indicates a potential upside of 11.72% from the stock’s current price.

INGM has been the topic of several other reports. The Goldman Sachs Group downgraded shares of Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a research note on Tuesday, January 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ingram Micro in a report on Friday. Raymond James Financial set a $27.00 price target on Ingram Micro in a report on Tuesday, March 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 price target on shares of Ingram Micro in a research report on Monday, December 22nd. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $24.00 price objective on shares of Ingram Micro in a research report on Monday, December 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.50.

Ingram Micro Trading Up 0.3%

INGM opened at $22.38 on Tuesday. Ingram Micro has a 52 week low of $14.25 and a 52 week high of $26.38. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 0.65. The business has a fifty day simple moving average of $21.83 and a 200-day simple moving average of $21.63. The firm has a market cap of $5.18 billion, a P/E ratio of 16.22, a P/E/G ratio of 0.76 and a beta of 2.27.

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

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

Institutional Investors Weigh In On Ingram Micro

Institutional investors have recently added to or reduced their stakes in the business. River Road Asset Management LLC increased its stake in Ingram Micro by 87.0% in the fourth quarter. River Road Asset Management LLC now owns 1,332,690 shares of the company’s stock valued at $28,440,000 after purchasing an additional 620,147 shares during the last quarter. Invesco Ltd. lifted its position in shares of Ingram Micro by 13.6% during the 4th quarter. Invesco Ltd. now owns 84,460 shares of the company’s stock worth $1,802,000 after buying an additional 10,144 shares during the last quarter. VARCOV Co. acquired a new position in shares of Ingram Micro in the 4th quarter valued at $657,000. Wellington Management Group LLP raised its stake in Ingram Micro by 26.4% during the 4th quarter. Wellington Management Group LLP now owns 2,663,257 shares of the company’s stock worth $56,834,000 after acquiring an additional 556,931 shares in the last quarter. Finally, Occudo Quantitative Strategies LP raised its stake in Ingram Micro by 113.5% during the 4th quarter. Occudo Quantitative Strategies LP now owns 51,937 shares of the company’s stock worth $1,108,000 after acquiring an additional 27,610 shares in the last quarter.

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.