Jefferies Financial Group Has Lowered Expectations for Ingram Micro (NYSE:INGM) Stock Price

Ingram Micro (NYSE:INGM) had its target price lowered by equities researchers at Jefferies Financial Group from $28.00 to $24.00 in a report released on Tuesday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 27.47% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Raymond James decreased their price objective on shares of Ingram Micro from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Melius began coverage on Ingram Micro in a report on Tuesday, November 26th. They set a “hold” rating and a $26.00 price target for the company. Morgan Stanley cut their price objective on Ingram Micro from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. The Goldman Sachs Group decreased their target price on Ingram Micro from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Melius Research raised Ingram Micro to a “hold” rating in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.64.

Ingram Micro Price Performance

Shares of INGM opened at $18.83 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. Ingram Micro has a 1 year low of $18.38 and a 1 year high of $25.69. The stock has a 50 day moving average of $21.78.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $13.21 billion. As a group, research analysts forecast that Ingram Micro will post 2.71 earnings per share for the current year.

Ingram Micro declared that its board has authorized a share buyback plan on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Ingram Micro

A number of institutional investors have recently made changes to their positions in INGM. Capital World Investors acquired a new position in Ingram Micro in the fourth quarter valued at about $68,295,000. Victory Capital Management Inc. acquired a new stake in shares of Ingram Micro in the 4th quarter valued at approximately $53,532,000. JPMorgan Chase & Co. bought a new position in Ingram Micro during the 4th quarter worth approximately $37,793,000. American Century Companies Inc. acquired a new position in Ingram Micro during the fourth quarter valued at approximately $36,268,000. Finally, Ameriprise Financial Inc. bought a new stake in Ingram Micro in the fourth quarter valued at approximately $30,683,000.

About Ingram Micro

Ingram Micro is a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands. With our vast infrastructure and focus on client and endpoint solutions (formerly referred to as commercial & consumer, as described elsewhere in this prospectus), advanced solutions offerings and cloud-based solutions, we enable our business partners to scale and operate more efficiently in the markets they serve.