Ingram Micro (NYSE:INGM) Hits New 12-Month High – Here’s What Happened

Ingram Micro Holding Corporation (NYSE:INGM)’s share price reached a new 52-week high on Wednesday . The company traded as high as $26.98 and last traded at $26.77, with a volume of 3506 shares trading hands. The stock had previously closed at $25.92.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INGM. Weiss Ratings reissued a “hold (c)” rating on shares of Ingram Micro in a research report on Friday, March 27th. Wall Street Zen raised shares of Ingram Micro from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Morgan Stanley increased their target price on shares of Ingram Micro from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 3rd. Zacks Research raised shares of Ingram Micro from a “strong sell” rating to a “hold” rating in a report on Monday, February 23rd. Finally, Raymond James Financial set a $27.00 price objective on shares of Ingram Micro in a report on Tuesday, March 3rd. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.50.

Ingram Micro Stock Performance

The company’s fifty day moving average is $22.25 and its 200 day moving average is $21.78. The company has a market capitalization of $6.31 billion, a P/E ratio of 19.75, a P/E/G ratio of 0.84 and a beta of 1.39. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 0.65.

Ingram Micro (NYSE:INGM) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.90 by $0.06. Ingram Micro had a net margin of 0.62% and a return on equity of 16.78%. The company had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $14.18 billion. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Ingram Micro Holding Corporation will post 2.71 earnings per share for the current year.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a $0.082 dividend. This represents a $0.33 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, March 10th. This is a positive change from Ingram Micro’s previous quarterly dividend of $0.08. Ingram Micro’s payout ratio is 23.91%.

Ingram Micro declared that its Board of Directors has approved a stock buyback plan on Monday, March 2nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of INGM. Geode Capital Management LLC boosted its holdings in Ingram Micro by 11.8% in the 2nd quarter. Geode Capital Management LLC now owns 103,184 shares of the company’s stock valued at $2,150,000 after purchasing an additional 10,878 shares during the period. Franklin Resources Inc. raised its position in shares of Ingram Micro by 54.0% during the 2nd quarter. Franklin Resources Inc. now owns 17,682 shares of the company’s stock valued at $368,000 after buying an additional 6,199 shares in the last quarter. Rhumbline Advisers raised its position in shares of Ingram Micro by 6.3% during the 2nd quarter. Rhumbline Advisers now owns 13,646 shares of the company’s stock valued at $284,000 after buying an additional 803 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Ingram Micro during the 2nd quarter valued at $755,000. Finally, Norges Bank purchased a new stake in shares of Ingram Micro during the 2nd quarter valued at $8,336,000.

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.