Ingram Micro (NYSE:INGM) Shares Gap Down - Should You Sell?

Shares of Ingram Micro Holding Corp. (NYSE:INGM - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $20.30, but opened at $19.28. Ingram Micro shares last traded at $19.58, with a volume of 203,678 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on Ingram Micro from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Bank of America lowered their price objective on Ingram Micro from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Loop Capital lowered their price objective on Ingram Micro from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Jefferies Financial Group reduced their target price on Ingram Micro from $28.00 to $24.00 and set a "buy" rating on the stock in a research note on Tuesday, March 25th. Finally, Raymond James reduced their target price on Ingram Micro from $28.00 to $26.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $25.71.

Ingram Micro Trading Down 2.9%

The stock has a 50 day moving average price of $18.46 and a 200-day moving average price of $20.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.96 and a current ratio of 1.40.

Ingram Micro Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th were paid a dividend of $0.076 per share. This is a boost from Ingram Micro's previous quarterly dividend of $0.07. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Tuesday, May 20th.

Ingram Micro declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 4th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System bought a new position in shares of Ingram Micro during the fourth quarter valued at about $26,000. CWM LLC purchased a new stake in shares of Ingram Micro during the first quarter worth about $26,000. Wells Fargo & Company MN purchased a new stake in shares of Ingram Micro during the fourth quarter worth about $45,000. Cohen & Steers Inc. purchased a new stake in shares of Ingram Micro during the fourth quarter worth about $48,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Ingram Micro during the fourth quarter worth about $52,000.

Ingram Micro Company 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.