Ingram Micro (NYSE:INGM) Price Target Lowered to $26.00 at Raymond James

Ingram Micro (NYSE:INGM) had its price objective decreased by stock analysts at Raymond James from $28.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price target suggests a potential upside of 33.99% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley decreased their price target on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Wednesday. Jefferies Financial Group assumed coverage on Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $28.00 target price on the stock. Melius Research upgraded Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group assumed coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, BNP Paribas started coverage on shares of Ingram Micro in a research report on Monday, November 18th. They set a “neutral” rating and a $25.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.71.

Ingram Micro Trading Down 7.5 %

Shares of NYSE:INGM traded down $1.58 during mid-day trading on Wednesday, reaching $19.41. 210,825 shares of the company traded hands, compared to its average volume of 409,412. The stock’s 50 day simple moving average is $21.99. Ingram Micro has a 52 week low of $18.90 and a 52 week high of $25.69. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93.

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

Ingram Micro announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 4th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

Several large investors have recently modified their holdings of INGM. Wells Fargo & Company MN bought a new stake in Ingram Micro in the fourth quarter worth $45,000. Cohen & Steers Inc. bought a new stake in shares of Ingram Micro in the 4th quarter worth about $48,000. Tower Research Capital LLC TRC purchased a new position in shares of Ingram Micro during the 4th quarter worth about $52,000. Cubist Systematic Strategies LLC purchased a new position in shares of Ingram Micro during the 4th quarter worth about $80,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Ingram Micro in the 4th quarter worth about $118,000.

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.