Millennium Management LLC Takes Position in Ingram Micro Holding Corp. (NYSE:INGM)

Millennium Management LLC purchased a new position in shares of Ingram Micro Holding Corp. (NYSE:INGM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 394,429 shares of the company's stock, valued at approximately $7,648,000. Millennium Management LLC owned approximately 0.17% of Ingram Micro as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN acquired a new position in Ingram Micro during the fourth quarter worth $45,000. Cohen & Steers Inc. acquired a new position in Ingram Micro during the fourth quarter worth $48,000. Tower Research Capital LLC TRC acquired a new position in Ingram Micro during the fourth quarter worth $52,000. Cubist Systematic Strategies LLC acquired a new position in Ingram Micro during the fourth quarter worth $80,000. Finally, Russell Investments Group Ltd. acquired a new position in Ingram Micro during the fourth quarter worth $120,000.

Ingram Micro Price Performance

INGM stock traded down $0.20 during trading on Wednesday, reaching $19.65. 206,524 shares of the stock were exchanged, compared to its average volume of 424,173. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. The business has a 50 day moving average price of $17.99 and a 200-day moving average price of $20.41. Ingram Micro Holding Corp. has a 1 year low of $14.25 and a 1 year high of $25.69.

Ingram Micro (NYSE:INGM - Get Free Report) last announced its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share 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 analysts' expectations of $13.21 billion. On average, sell-side analysts expect that Ingram Micro Holding Corp. will post 2.71 earnings per share for the current year.

Ingram Micro Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 20th will be paid a dividend of $0.076 per share. This represents a $0.30 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Tuesday, May 20th. This is a positive change from Ingram Micro's previous quarterly dividend of $0.07.

Ingram Micro declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 4th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Ingram Micro from $28.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday, March 25th. The Goldman Sachs Group reduced their target price on shares of Ingram Micro from $29.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Loop Capital reduced their target price on shares of Ingram Micro from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, March 10th. JPMorgan Chase & Co. increased their target price on shares of Ingram Micro from $20.00 to $21.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Bank of America reduced their target price on shares of Ingram Micro from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.79.

Ingram Micro Profile

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.