Ingram Micro (NYSE:INGM) Stock Jumps 4.8% – Here’s Why

Ingram Micro Holding Corporation (NYSE:INGM)’s stock price traded up 4.8% on Thursday. The company traded as high as $28.90 and last traded at $29.3450. 535,982 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,431,033 shares. The stock had previously closed at $28.00.

Wall Street Analysts Forecast Growth

INGM has been the subject of several recent analyst reports. Deutsche Bank initiated coverage on Ingram Micro in a research note on Monday, August 31st. They set a “hold” rating and a $30.00 target price for the company. Morgan Stanley cut their price target on Ingram Micro from $33.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 16th. Zacks Research raised Ingram Micro from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 3rd. Truist Financial raised 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. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $33.00 price objective on shares of Ingram Micro in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.50.

Ingram Micro Price Performance

The company has a market cap of $6.71 billion, a P/E ratio of 14.73, a P/E/G ratio of 0.59 and a beta of 1.69. The company’s 50-day moving average price is $27.25 and its two-hundred day moving average price is $26.54. The company has a current ratio of 1.31, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65.

Ingram Micro (NYSE:INGM) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. Ingram Micro had a return on equity of 18.76% and a net margin of 0.79%. The business had revenue of $15.22 billion during the quarter, compared to the consensus estimate of $13.83 billion. During the same period in the previous year, the business earned $0.72 EPS. As a group, sell-side analysts expect that Ingram Micro Holding Corporation will post 3.58 earnings per share for the current 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 paid 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 annualized dividend and a yield of 1.2%. Ingram Micro’s payout ratio is presently 17.68%.

Insider Buying and Selling at Ingram Micro

In other Ingram Micro news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $27.19, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INGM. Royal Bank of Canada grew its position in shares of Ingram Micro by 252.2% during the 1st quarter. Royal Bank of Canada now owns 1,472 shares of the company’s stock valued at $34,000 after buying an additional 1,054 shares during the last quarter. Allworth Financial LP acquired a new stake in Ingram Micro during the second quarter worth about $35,000. Integrated Wealth Concepts LLC acquired a new stake in Ingram Micro during the second quarter worth about $38,000. Reyes Financial Architecture Inc. bought a new position in Ingram Micro in the third quarter worth about $43,000. Finally, Meeder Asset Management Inc. bought a new position in Ingram Micro in the second quarter worth about $44,000.

Ingram Micro Company Profile

Ingram Micro is a global technology distributor and services provider that connects technology manufacturers with businesses and channel partners. Its customers include resellers, system integrators, managed service providers and retailers. The company distributes products and solutions across areas such as computing, networking, data centers, cybersecurity and cloud services. It also provides logistics, financing, technical support and other services that help partners sell, deploy and manage technology.