Ingram Micro (NYSE:INGM) Sets New 1-Year High - Should You Buy?

Key Points

• Ingram Micro's stock hit a new 52-week high, trading as high as $28.31 and last at $28.22 on volume of about 1.85 million shares, giving the company a market cap near $6.54 billion.
• Wall Street's consensus rating is a Hold (3 Buys, 5 Holds, 1 Sell) with an average price target of $24.50, which is below the current share price.
• The company recently beat quarterly estimates (EPS $0.96 vs. $0.90; revenue $14.88B, +11.5% YoY), raised its quarterly dividend to $0.082, and authorized a $100 million share buyback (up to ~2% of shares).

Ingram Micro Holding Corporation (NYSE:INGM - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $28.31 and last traded at $28.2150, with a volume of 1848780 shares traded. The stock had previously closed at $27.17.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Truist Financial assumed coverage on shares of Ingram Micro in a report on Tuesday, March 31st. They set a "hold" rating and a $25.00 price objective for the company. Zacks Research raised shares of Ingram Micro from a "strong sell" rating to a "hold" rating in a report on Monday, February 23rd. Wall Street Zen downgraded shares of Ingram Micro from a "strong-buy" rating to a "buy" rating in a report on Saturday. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price objective on shares of Ingram Micro in a report on Monday, December 22nd. Finally, The Goldman Sachs Group downgraded shares of Ingram Micro from a "strong-buy" rating to a "neutral" rating and set a $24.00 price objective for the company. in a report on Tuesday, January 13th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $24.50.

Ingram Micro Stock Up 3.8%

The stock has a market capitalization of $6.54 billion, a P/E ratio of 20.45, a P/E/G ratio of 0.92 and a beta of 1.39. The firm's fifty day moving average is $22.72 and its 200-day moving average is $21.96. 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 - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.96 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $14.88 billion during the quarter, compared to the consensus estimate of $14.18 billion. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. As a group, equities research analysts predict that Ingram Micro Holding Corporation will post 2.71 earnings per share for the current year.

Ingram Micro Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were paid a $0.082 dividend. This is a boost from Ingram Micro's previous quarterly dividend of $0.08. This represents a $0.33 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, March 10th. Ingram Micro's payout ratio is presently 23.91%.

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 shares. This repurchase authorization authorizes the company to repurchase up to 2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Ingram Micro

A number of institutional investors have recently modified their holdings of INGM. Lind Value II ApS raised its stake in shares of Ingram Micro by 83.3% in the third quarter. Lind Value II ApS now owns 2,198,567 shares of the company's stock worth $47,247,000 after acquiring an additional 999,172 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Ingram Micro by 27.5% in the fourth quarter. Victory Capital Management Inc. now owns 3,126,480 shares of the company's stock worth $66,719,000 after acquiring an additional 673,840 shares during the last quarter. River Road Asset Management LLC raised its stake in shares of Ingram Micro by 87.0% in the fourth quarter. River Road Asset Management LLC now owns 1,332,690 shares of the company's stock worth $28,440,000 after acquiring an additional 620,147 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Ingram Micro by 26.4% in the fourth quarter. Wellington Management Group LLP now owns 2,663,257 shares of the company's stock worth $56,834,000 after acquiring an additional 556,931 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Ingram Micro by 157.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 789,266 shares of the company's stock worth $16,843,000 after acquiring an additional 482,723 shares during the last quarter.

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.

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