Prudential Financial Inc. reduced its stake in shares of Ingram Micro Inc. (NYSE:IM) by 79.4% during the second quarter, Holdings Channel reports. The institutional investor owned 147,362 shares of the company’s stock after selling 568,669 shares during the period. Prudential Financial Inc. owned 0.10% of Ingram Micro worth $5,125,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new stake in shares of Ingram Micro during the first quarter worth about $104,334,000. JPMorgan Chase & Co. raised its stake in shares of Ingram Micro by 154.1% in the first quarter. JPMorgan Chase & Co. now owns 1,536,832 shares of the company’s stock worth $55,186,000 after buying an additional 932,039 shares during the period. Coastland Capital LLC purchased a new stake in shares of Ingram Micro during the first quarter worth about $53,093,000. Arrowgrass Capital Partners US LP purchased a new stake in shares of Ingram Micro during the first quarter worth about $52,742,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Ingram Micro during the first quarter worth about $20,013,000. Institutional investors and hedge funds own 83.72% of the company’s stock.
Ingram Micro Inc. (NYSE:IM) opened at 36.03 on Friday. The stock has a 50 day moving average of $35.16 and a 200-day moving average of $34.89. The stock has a market cap of $5.39 billion, a P/E ratio of 21.07 and a beta of 0.82. Ingram Micro Inc. has a 52 week low of $26.44 and a 52 week high of $36.66.
Ingram Micro (NYSE:IM) last released its earnings results on Thursday, July 28th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.12. The business had revenue of $10.10 billion for the quarter, compared to the consensus estimate of $9.67 billion. Ingram Micro had a net margin of 0.64% and a return on equity of 10.03%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share. Analysts forecast that Ingram Micro Inc. will post $2.62 earnings per share for the current year.
A number of analysts recently issued reports on IM shares. Zacks Investment Research upgraded shares of Ingram Micro from a “hold” rating to a “strong-buy” rating and set a $39.00 target price on the stock in a research report on Monday, August 1st. Jefferies Group reaffirmed a “hold” rating on shares of Ingram Micro in a research note on Thursday, September 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.75.
Ingram Micro Company Profile
Ingram Micro Inc (Ingram Micro) is engaged in the distribution of information technology (IT) products, supply chain services and mobile device lifecycle services around the world. The Company distributes and markets technology products all over the world from the industry’s computer hardware suppliers, mobility hardware suppliers, software publishers, consumer electronics (CE), automatic identification and data capture (AIDC)/point-of-sale (POS), and physical security products.
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