Ingram Micro (NYSE:INGM) Raised to “Strong-Buy” at Wall Street Zen

Ingram Micro (NYSE:INGM) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently issued reports on the company. Royal Bank Of Canada lifted their price objective on Ingram Micro from $24.00 to $33.00 and gave the company an “outperform” rating in a research note on Tuesday, April 21st. Truist Financial started coverage on Ingram Micro in a research note on Tuesday, March 31st. They issued a “hold” rating and a $25.00 price objective for the company. William Blair reiterated an “outperform” rating on shares of Ingram Micro in a research note on Tuesday, March 3rd. Evercore set a $26.00 price objective on Ingram Micro in a research note on Monday, April 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ingram Micro in a research note 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 company. Based on data from MarketBeat, Ingram Micro presently has a consensus rating of “Hold” and an average price target of $26.86.

Ingram Micro Stock Performance

NYSE INGM opened at $30.34 on Friday. The company has a market cap of $7.03 billion, a P/E ratio of 21.98, a P/E/G ratio of 1.03 and a beta of 1.39. 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 stock has a 50-day moving average of $24.21 and a two-hundred day moving average of $22.48. Ingram Micro has a 1-year low of $17.35 and a 1-year high of $31.38.

Ingram Micro (NYSE:INGM) last released its earnings results on Monday, March 2nd. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. The company had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $14.18 billion. Ingram Micro had a return on equity of 16.78% and a net margin of 0.62%.Ingram Micro’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, analysts anticipate that Ingram Micro will post 3.15 EPS for the current year.

Ingram Micro announced that its board has authorized a stock repurchase program on Monday, March 2nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

Several institutional investors have recently added to or reduced their stakes in INGM. Geode Capital Management LLC lifted its stake in Ingram Micro by 11.8% during the second quarter. Geode Capital Management LLC now owns 103,184 shares of the company’s stock worth $2,150,000 after purchasing an additional 10,878 shares during the last quarter. Rhumbline Advisers lifted its stake in Ingram Micro by 6.3% during the second 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. Russell Investments Group Ltd. purchased a new stake in Ingram Micro during the second quarter worth approximately $755,000. Invesco Ltd. lifted its stake in Ingram Micro by 29.0% during the second quarter. Invesco Ltd. now owns 60,522 shares of the company’s stock worth $1,261,000 after purchasing an additional 13,605 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in Ingram Micro during the second quarter worth approximately $1,852,000.

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.