Ingram Micro (NYSE:INGM) Sees Unusually-High Trading Volume on Analyst Upgrade

Ingram Micro Holding Corporation (NYSE:INGM) saw an uptick in trading volume on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. 2,235,096 shares were traded during trading, an increase of 66% from the average daily volume of 1,345,419 shares. The stock last traded at $26.08 and had previously closed at $26.98.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $33.00 target price on shares of Ingram Micro in a research note on Friday, July 31st. Wall Street Zen upgraded Ingram Micro from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Truist Financial upped their price objective on Ingram Micro from $29.00 to $31.00 and gave the company a “hold” rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft began coverage on Ingram Micro in a research report on Monday, August 31st. They set a “hold” rating and a $30.00 price objective for the company. Finally, Weiss Ratings upgraded Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.50.

Insider Activity at Ingram Micro

In other news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of Ingram Micro stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $27.19, for a total value of $53,530,312.50. Following the sale, the insider owned 162,372,569 shares of the company’s stock, valued at $4,414,910,151.11. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Ingram Micro

A number of hedge funds have recently added to or reduced their stakes in INGM. Platinum Equity Advisors LLC DE purchased a new position in shares of Ingram Micro in the 2nd quarter valued at about $4,867,901,130. BlackRock Inc. purchased a new stake in Ingram Micro during the second quarter worth about $35,663,000. Bank of America Corp DE grew its position in Ingram Micro by 225.1% during the first quarter. Bank of America Corp DE now owns 1,038,331 shares of the company’s stock worth $24,203,000 after buying an additional 718,970 shares during the period. Lakewood Capital Management LP acquired a new position in Ingram Micro during the second quarter worth about $10,835,000. Finally, Algert Global LLC purchased a new position in Ingram Micro in the second quarter valued at about $10,161,000.

Ingram Micro Stock Performance

The stock’s fifty day simple moving average is $27.48 and its 200-day simple moving average is $26.41. The company has a quick ratio of 0.88, a current ratio of 1.31 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $5.63 billion, a PE ratio of 12.36, a PEG ratio of 0.61 and a beta of 1.69.

Ingram Micro (NYSE:INGM) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.78 by $0.13. The business had revenue of $15.22 billion for the quarter, compared to analyst estimates of $13.83 billion. Ingram Micro had a return on equity of 18.76% and a net margin of 0.79%. During the same quarter in the previous year, the company earned $0.72 EPS. On average, research analysts predict that Ingram Micro Holding Corporation will post 3.52 earnings per share for the current fiscal year.

Ingram Micro Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be given a dividend of $0.0880 per share. The ex-dividend date is Monday, November 9th. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.0860. This represents a $0.35 dividend on an annualized basis and a yield of 1.4%. Ingram Micro’s dividend payout ratio (DPR) is presently 17.17%.

Ingram Micro Company Profile

Ingram Micro Inc is a global technology distribution and services company that connects technology manufacturers with businesses, resellers, systems integrators and other channel partners. Its portfolio includes hardware, software, cloud solutions, cybersecurity products, networking equipment, data-center technologies and communications solutions.

The company also provides value-added services such as cloud marketplace management, device lifecycle services, logistics, fulfillment, financing support, technical assistance and professional services.