Allspring Global Investments Holdings LLC Reduces Position in Ingram Micro Holding Corporation $INGM

Key Points

• Allspring Global Investments reduced its stake in Ingram Micro by 4.1%, selling 42,235 shares to hold 988,335 shares (about 0.42% of the company) valued at roughly $21.06 million at quarter-end.
• Ingram Micro beat expectations for the quarter with $0.96 EPS vs. $0.90 consensus and revenue of $14.88 billion (up 11.5% year-over-year), signaling stronger-than-expected growth and profitability.
• The company authorized a $100 million share buyback (about 2% of shares) and raised its quarterly dividend to $0.082 (annualized $0.33, ~1.3% yield), indicating management confidence in the business and stock.

Allspring Global Investments Holdings LLC decreased its stake in shares of Ingram Micro Holding Corporation (NYSE:INGM - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 988,335 shares of the company's stock after selling 42,235 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.42% of Ingram Micro worth $21,061,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INGM. Geode Capital Management LLC lifted its holdings in shares of Ingram Micro by 11.8% in the 2nd quarter. Geode Capital Management LLC now owns 103,184 shares of the company's stock worth $2,150,000 after acquiring an additional 10,878 shares during the last quarter. Creative Planning acquired a new stake in Ingram Micro in the second quarter valued at $601,000. Franklin Resources Inc. boosted its holdings in shares of Ingram Micro by 54.0% in 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 grew its position in shares of Ingram Micro by 6.3% in 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 during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Ingram Micro during the 2nd quarter worth $755,000.

Ingram Micro Stock Performance

Shares of Ingram Micro stock opened at $24.66 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.97 and a current ratio of 1.33. Ingram Micro Holding Corporation has a 1 year low of $14.25 and a 1 year high of $26.38. The firm's 50-day simple moving average is $22.07 and its 200-day simple moving average is $21.71. The firm has a market cap of $5.71 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39.

Ingram Micro (NYSE:INGM - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.06. The business had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $14.18 billion. Ingram Micro had a return on equity of 16.78% and a net margin of 0.62%.Ingram Micro's revenue for the quarter was up 11.5% compared to the same quarter last year. Equities analysts forecast that Ingram Micro Holding Corporation will post 2.71 earnings per share for the current fiscal year.

Ingram Micro declared that its Board of Directors has authorized a share buyback program on Monday, March 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Ingram Micro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were given a dividend of $0.082 per share. This is a positive change from Ingram Micro's previous quarterly dividend of $0.08. The ex-dividend date was Tuesday, March 10th. This represents a $0.33 dividend on an annualized basis and a dividend yield of 1.3%. Ingram Micro's payout ratio is presently 23.19%.

Analyst Ratings Changes

INGM has been the subject of several research analyst reports. Raymond James Financial set a $27.00 price objective on shares of Ingram Micro in a research note on Tuesday, March 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Ingram Micro in a report on Friday, March 27th. The Goldman Sachs Group downgraded Ingram Micro from a "strong-buy" rating to a "neutral" rating and set a $24.00 price target on the stock. in a research note on Tuesday, January 13th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $24.00 price target on shares of Ingram Micro in a research report on Monday, December 15th. Finally, Morgan Stanley increased their price objective on Ingram Micro from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $24.50.

Ingram Micro 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.

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