Ingram Micro (NYSE:INGM) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM)’s stock price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $26.41 and traded as low as $25.56. Ingram Micro shares last traded at $26.1250, with a volume of 3,562,464 shares traded.

Analyst Ratings Changes

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

Ingram Micro Trading Up 4.2%

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.31 and a quick ratio of 0.88. The firm has a market cap of $5.86 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 0.62 and a beta of 1.69. The company’s 50 day moving average price is $27.31 and its 200 day moving average price is $26.45.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.13. The business had revenue of $15.22 billion during the quarter, compared to analysts’ expectations of $13.83 billion. Ingram Micro had a net margin of 0.79% and a return on equity of 18.76%. During the same period in the previous year, the company earned $0.72 EPS. As a group, analysts forecast that Ingram Micro Holding Corporation will post 3.56 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be issued a $0.0880 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 1.4%. This is an increase from Ingram Micro’s previous quarterly dividend of $0.0860. The ex-dividend date of this dividend is Monday, November 9th. Ingram Micro’s dividend payout ratio is 17.17%.

Insider Buying and Selling at Ingram Micro

In related news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the 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 directly owned 162,372,569 shares of the company’s stock, valued at approximately $4,414,910,151.11. This represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ingram Micro

Hedge funds have recently modified their holdings of the stock. Platinum Equity Advisors LLC DE bought a new stake in Ingram Micro in the 2nd quarter valued at $4,867,901,130. BlackRock Inc. acquired a new stake in Ingram Micro in the 2nd quarter worth $35,663,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Ingram Micro by 19.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,188,414 shares of the company’s stock worth $33,026,000 after purchasing an additional 192,448 shares during the period. Bank of America Corp DE raised its position in shares of 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 valued at $24,203,000 after buying an additional 718,970 shares during the last quarter. Finally, Valley Wealth Managers Inc. lifted its stake in shares of Ingram Micro by 1.2% in the third quarter. Valley Wealth Managers Inc. now owns 890,942 shares of the company’s stock valued at $23,886,000 after buying an additional 10,738 shares during the period.

About Ingram Micro

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.