Ingram Micro (NYSE:INGM) Hits New 12-Month High – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $26.98 and last traded at $26.77, with a volume of 3506 shares changing hands. The stock had previously closed at $25.92.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Raymond James Financial set a $27.00 price objective on shares of Ingram Micro in a research report on Tuesday, March 3rd. Zacks Research upgraded shares of Ingram Micro from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Morgan Stanley raised their price objective on shares of Ingram Micro from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Ingram Micro from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Finally, 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 on the stock. in a research report on Tuesday, January 13th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ingram Micro has a consensus rating of “Hold” and an average target price of $24.50.

Ingram Micro Stock Performance

The company has a market cap of $6.31 billion, a PE ratio of 19.75, a PEG ratio of 0.84 and a beta of 1.39. The business’s 50-day moving average is $22.25 and its 200 day moving average is $21.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.97 and a current ratio of 1.33.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings results 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 analyst estimates of $14.18 billion. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts predict that Ingram Micro Holding Corporation will post 2.71 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a $0.082 dividend. This is a boost from Ingram Micro’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $0.33 dividend on an annualized basis and a yield of 1.2%. Ingram Micro’s payout ratio is 23.91%.

Ingram Micro announced that its Board of Directors has initiated a share repurchase program on Monday, March 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

A number of large investors have recently added to or reduced their stakes in INGM. Geode Capital Management LLC grew its holdings in Ingram Micro by 11.8% in the 2nd quarter. Geode Capital Management LLC now owns 103,184 shares of the company’s stock worth $2,150,000 after acquiring an additional 10,878 shares during the last quarter. Franklin Resources Inc. grew its holdings in Ingram Micro by 54.0% in the 2nd quarter. Franklin Resources Inc. now owns 17,682 shares of the company’s stock worth $368,000 after acquiring an additional 6,199 shares during the last quarter. Rhumbline Advisers grew its holdings in Ingram Micro by 6.3% in the 2nd quarter. Rhumbline Advisers now owns 13,646 shares of the company’s stock worth $284,000 after acquiring an additional 803 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Ingram Micro in the 2nd quarter worth $755,000. Finally, Norges Bank bought a new stake in Ingram Micro in the 2nd quarter worth $8,336,000.

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.