JPMorgan Chase & Co. Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $27.00 to $26.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 33.62% from the company’s previous close.

Other research analysts also recently issued reports about the company. William Blair assumed coverage on Ingram Micro in a report on Monday, November 18th. They issued an “outperform” rating for the company. Stifel Nicolaus initiated coverage on shares of Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $28.00 price objective for the company. Redburn Atlantic initiated coverage on shares of Ingram Micro in a research note on Monday, November 18th. They issued a “buy” rating and a $30.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Ingram Micro in a research note on Monday, November 18th. They set a “buy” rating and a $26.00 price objective on the stock. Finally, Loop Capital started coverage on shares of Ingram Micro in a research report on Monday, November 18th. They issued a “buy” rating and a $30.00 target price for the company. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.29.

Ingram Micro Trading Down 1.8 %

Shares of INGM opened at $19.46 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. Ingram Micro has a fifty-two week low of $18.90 and a fifty-two week high of $25.69. The business’s 50-day simple moving average is $21.96.

Ingram Micro (NYSE:INGM) last issued its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $13.21 billion. Equities research analysts predict that Ingram Micro will post 2.71 earnings per share for the current fiscal year.

Ingram Micro declared that its board has authorized a share buyback program on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

A number of hedge funds have recently modified their holdings of INGM. Allspring Global Investments Holdings LLC acquired a new position in Ingram Micro during the fourth quarter worth $17,432,000. Rhumbline Advisers bought a new stake in shares of Ingram Micro in the fourth quarter valued at about $171,000. New York State Common Retirement Fund bought a new position in Ingram Micro during the fourth quarter worth about $304,000. Bank of New York Mellon Corp bought a new position in Ingram Micro during the fourth quarter worth about $207,000. Finally, Keybank National Association OH bought a new position in shares of Ingram Micro in the fourth quarter valued at approximately $319,000.

Ingram Micro Company Profile

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.