Ingram Micro Sees Large Decline in Short Interest (IM)
Ingram Micro (NYSE:IM) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totalling 1,299,193 shares, a drop of 38.7% from the April 30th total of 2,118,641 shares, Stock Ratings News reports. Based on an average trading volume of 1,481,131 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.9% of the company’s stock are short sold.
A number of analysts have recently weighed in on IM shares. Analysts at Zacks downgraded shares of Ingram Micro from an “outperform” rating to a “neutral” rating in a research note on Friday, May 23rd. They now have a $28.00 price target on the stock. Separately, analysts at Stifel Nicolaus upgraded shares of Ingram Micro from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. They now have a $32.00 price target on the stock. Finally, analysts at Raymond James upgraded shares of Ingram Micro from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, April 29th. They now have a $33.00 price target on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $33.75.
Ingram Micro (NYSE:IM) opened at 28.19 on Thursday. Ingram Micro has a one year low of $18.22 and a one year high of $30.96. The stock’s 50-day moving average is $27.24 and its 200-day moving average is $26.62. The company has a market cap of $4.375 billion and a price-to-earnings ratio of 15.62.
Ingram Micro (NYSE:IM) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.43 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.48 by $0.05. The company had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.42 billion. During the same quarter last year, the company posted $0.41 earnings per share. Ingram Micro’s revenue was up 1.2% compared to the same quarter last year. Analysts expect that Ingram Micro will post $2.52 EPS for the current fiscal year.
Ingram Micro Inc (NYSE:IM), is a global information technology (IT) supply-chain management, mobile device lifecycle services and logistics solutions.