Jefferies Financial Group Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its price objective dropped by analysts at Jefferies Financial Group from $28.00 to $24.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price suggests a potential upside of 27.47% from the company’s previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley decreased their price objective on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada increased their target price on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Loop Capital cut their price target on shares of Ingram Micro from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. The Goldman Sachs Group dropped their target price on Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Melius Research upgraded Ingram Micro to a “hold” rating in a research note on Tuesday, November 26th. Six 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.64.

Ingram Micro Stock Performance

Shares of INGM stock opened at $18.83 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.96 and a current ratio of 1.40. Ingram Micro has a 52 week low of $18.38 and a 52 week high of $25.69. The business’s 50 day moving average is $21.78.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $13.21 billion. On average, analysts predict that Ingram Micro will post 2.71 earnings per share for the current year.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Rhumbline Advisers acquired a new position in shares of Ingram Micro in the fourth quarter valued at approximately $171,000. Allspring Global Investments Holdings LLC acquired a new position in Ingram Micro in the 4th quarter valued at $17,432,000. New York State Common Retirement Fund acquired a new position in Ingram Micro in the 4th quarter valued at $304,000. Burkehill Global Management LP bought a new position in Ingram Micro during the 4th quarter worth $5,526,000. Finally, Keybank National Association OH acquired a new stake in shares of Ingram Micro during the fourth quarter worth $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.