Ingram Micro (NYSE:INGM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ingram Micro (NYSE:INGM) from a buy rating to a strong-buy rating in a report released on Saturday,Wall Street Zen reports.

INGM has been the topic of a number of other reports. Weiss Ratings raised shares of Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Truist Financial upped their target price on Ingram Micro from $29.00 to $31.00 and gave the company a “hold” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group restated a “neutral” rating and set a $33.00 price target on shares of Ingram Micro in a research note on Friday, July 31st. Zacks Research downgraded shares of Ingram Micro from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 19th. Finally, Morgan Stanley lowered their target price on shares of Ingram Micro from $33.00 to $30.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 16th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $30.50.

Ingram Micro Stock Performance

NYSE INGM opened at $27.02 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.31 and a debt-to-equity ratio of 0.60. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 0.73 and a beta of 1.76. Ingram Micro has a twelve month low of $19.03 and a twelve month high of $31.69. The business has a 50-day moving average price of $27.57 and a 200-day moving average price of $26.35.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. Ingram Micro had a return on equity of 18.07% and a net margin of 0.77%. The company had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $13.83 billion. During the same period last year, the company earned $0.72 earnings per share. As a group, equities research analysts predict that Ingram Micro will post 3.45 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be issued a dividend of $0.0880 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.0860. The ex-dividend date of this dividend is Monday, November 9th. Ingram Micro’s dividend payout ratio is currently 17.17%.

Insider Activity

In other news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $27.19, for a total value of $53,530,312.50. Following the transaction, the insider directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Ingram Micro

A number of institutional investors have recently modified their holdings of the business. Platinum Equity Advisors LLC DE acquired a new position in shares of Ingram Micro during the second quarter worth approximately $4,867,901,130. Amundi grew its holdings in Ingram Micro by 453.0% in the 2nd quarter. Amundi now owns 395,709 shares of the company’s stock worth $10,854,000 after buying an additional 324,152 shares in the last quarter. Bank of America Corp DE acquired a new stake in Ingram Micro in the 2nd quarter valued at approximately $18,940,000. Engineers Gate Manager LP acquired a new position in shares of Ingram Micro during the second quarter valued at $1,628,000. Finally, Man Group plc acquired a new stake in shares of Ingram Micro in the 2nd quarter worth approximately $1,389,000.

Ingram Micro Company Profile

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.