Ingram Micro (NYSE:INGM) Coverage Initiated at Truist Financial

Research analysts at Truist Financial began coverage on shares of Ingram Micro (NYSE:INGM) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set a “hold” rating and a $25.00 price target on the stock. Truist Financial’s target price suggests a potential upside of 3.02% from the stock’s previous close.

Several other research firms have also recently commented on INGM. Raymond James Financial set a $27.00 price target on Ingram Micro in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Ingram Micro from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. The Goldman Sachs Group lowered shares of Ingram Micro from a “strong-buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research report on Tuesday, January 13th. Zacks Research raised shares of Ingram Micro from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ingram Micro in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.50.

Ingram Micro Stock Performance

NYSE:INGM opened at $24.27 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.33 and a quick ratio of 0.97. The firm has a market cap of $5.62 billion, a PE ratio of 17.58, a P/E/G ratio of 0.80 and a beta of 1.37. The firm has a 50 day simple moving average of $21.93 and a 200-day simple moving average of $21.66. Ingram Micro has a 1-year low of $14.25 and a 1-year high of $26.38.

Ingram Micro (NYSE:INGM) last released its earnings results on Monday, March 2nd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.90 by $0.06. The firm had revenue of $14.88 billion during the quarter, compared to analysts’ expectations of $14.18 billion. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. Ingram Micro’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts expect that Ingram Micro will post 2.71 EPS for the current year.

Ingram Micro announced that its board has initiated a share repurchase plan on Monday, March 2nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Ingram Micro

A number of large investors have recently added to or reduced their stakes in INGM. Balyasny Asset Management L.P. increased its position in shares of Ingram Micro by 1.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 48,618 shares of the company’s stock worth $1,038,000 after acquiring an additional 658 shares during the last quarter. CWM LLC boosted its holdings in Ingram Micro by 20.5% in the fourth quarter. CWM LLC now owns 4,144 shares of the company’s stock valued at $88,000 after purchasing an additional 705 shares during the last quarter. Gotham Asset Management LLC grew its stake in Ingram Micro by 1.0% during the 4th quarter. Gotham Asset Management LLC now owns 77,662 shares of the company’s stock valued at $1,657,000 after purchasing an additional 732 shares in the last quarter. Covestor Ltd grew its stake in Ingram Micro by 15.4% during the 4th quarter. Covestor Ltd now owns 5,669 shares of the company’s stock valued at $121,000 after purchasing an additional 756 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Ingram Micro by 6.3% during the 2nd quarter. Rhumbline Advisers now owns 13,646 shares of the company’s stock worth $284,000 after purchasing an additional 803 shares during the last quarter.

Ingram Micro Company Profile

Ingram Micro, headquartered in Irvine, California, is a global technology distributor and supply chain services provider. Listed on the New York Stock Exchange under the ticker INGM, the company connects leading technology manufacturers, cloud providers and channel partners through an integrated portfolio of products and services. Ingram Micro’s end-to-end solutions span product distribution, cloud enablement, e-commerce, logistics and lifecycle management, enabling customers of all sizes to bring new technology to market efficiently.

The company’s offerings are organized across several core areas.