Bank of America Corp DE Purchases New Shares in Ingram Micro Holding Corp. (NYSE:INGM)

Bank of America Corp DE bought a new stake in Ingram Micro Holding Corp. (NYSE:INGM - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 91,995 shares of the company's stock, valued at approximately $1,784,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Capital World Investors bought a new stake in Ingram Micro in the fourth quarter valued at approximately $68,295,000. Victory Capital Management Inc. bought a new stake in Ingram Micro in the fourth quarter valued at approximately $53,532,000. JPMorgan Chase & Co. bought a new stake in Ingram Micro in the fourth quarter valued at approximately $37,793,000. American Century Companies Inc. bought a new stake in Ingram Micro in 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.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on INGM. Loop Capital reduced their target price on Ingram Micro from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Royal Bank of Canada increased their price target on Ingram Micro from $26.00 to $28.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Raymond James cut their price target on Ingram Micro from $28.00 to $26.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Morgan Stanley increased their price target on Ingram Micro from $18.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Evercore ISI cut their price target on Ingram Micro from $27.00 to $26.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Ingram Micro presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.79.

Ingram Micro Price Performance

Shares of NYSE:INGM traded up $0.38 during trading on Friday, reaching $20.06. 165,955 shares of the stock were exchanged, compared to its average volume of 416,971. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. Ingram Micro Holding Corp. has a 1-year low of $14.25 and a 1-year high of $25.69. The stock has a fifty day moving average of $18.12 and a two-hundred day moving average of $20.21.

Ingram Micro (NYSE:INGM - Get Free Report) last issued its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $13.21 billion. Sell-side analysts anticipate that Ingram Micro Holding Corp. will post 2.71 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th were given a $0.076 dividend. This is a positive change from Ingram Micro's previous quarterly dividend of $0.07. This represents a $0.30 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Tuesday, May 20th.

Ingram Micro announced that its board has approved a share repurchase plan on Tuesday, March 4th that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

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.