Invenomic Capital Management LP Invests $12.28 Million in Ingram Micro Holding Corp. (NYSE:INGM)

Invenomic Capital Management LP bought a new stake in Ingram Micro Holding Corp. (NYSE:INGM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 633,515 shares of the company's stock, valued at approximately $12,284,000. Invenomic Capital Management LP owned approximately 0.27% of Ingram Micro at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wells Fargo & Company MN acquired a new stake in Ingram Micro in the 4th quarter valued at about $45,000. Cohen & Steers Inc. acquired a new position in shares of Ingram Micro during the 4th quarter worth approximately $48,000. Tower Research Capital LLC TRC purchased a new stake in shares of Ingram Micro in the fourth quarter valued at approximately $52,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Ingram Micro in the fourth quarter valued at approximately $80,000. Finally, Russell Investments Group Ltd. purchased a new position in Ingram Micro during the fourth quarter worth approximately $120,000.

Ingram Micro Stock Down 2.2%

NYSE:INGM traded down $0.45 during trading hours on Friday, reaching $20.43. 1,290,190 shares of the stock were exchanged, compared to its average volume of 431,786. Ingram Micro Holding Corp. has a twelve month low of $14.25 and a twelve month high of $25.69. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $17.87.

Ingram Micro (NYSE:INGM - Get Free Report) last posted its earnings results on Tuesday, March 4th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Research analysts anticipate that Ingram Micro Holding Corp. will post 2.71 EPS for the current year.

Ingram Micro announced that its board has initiated a share buyback program on Tuesday, March 4th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Ingram Micro Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 20th will be paid a $0.076 dividend. This is a positive change from Ingram Micro's previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $0.30 annualized dividend and a dividend yield of 1.49%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Bank of America dropped their target price on Ingram Micro from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. upped their price objective on shares of Ingram Micro from $20.00 to $21.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Evercore ISI cut their price objective on shares of Ingram Micro from $27.00 to $26.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. Morgan Stanley boosted their target price on shares of Ingram Micro from $18.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Loop Capital dropped their price target on shares of Ingram Micro from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.