Invenomic Capital Management LP Buys Shares of 633,515 Ingram Micro Holding Corp. (NYSE:INGM)

Invenomic Capital Management LP purchased a new position in shares of Ingram Micro Holding Corp. (NYSE:INGM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 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 as of its most recent filing with the Securities & Exchange Commission.

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

Ingram Micro Stock Down 2.4 %

Shares of NYSE:INGM opened at $19.21 on Friday. Ingram Micro Holding Corp. has a fifty-two week low of $14.25 and a fifty-two week high of $25.69. The company has a 50-day moving average price of $17.78. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.93.

Ingram Micro (NYSE:INGM - Get Free Report) last released its quarterly earnings data 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 business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $13.21 billion. Equities research analysts expect that Ingram Micro Holding Corp. will post 2.71 EPS for the current fiscal year.

Ingram Micro announced that its Board of Directors 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Ingram Micro Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 20th will be issued a dividend of $0.076 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.58%. This is a positive change from Ingram Micro's previous quarterly dividend of $0.07. The ex-dividend date is Tuesday, May 20th.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on INGM shares. Evercore ISI decreased their price target on shares of Ingram Micro from $27.00 to $26.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their target price on shares of Ingram Micro from $28.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, March 25th. Morgan Stanley lifted their price target on Ingram Micro from $18.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday. Loop Capital dropped their price objective on Ingram Micro from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Finally, Royal Bank of Canada boosted their target price on Ingram Micro from $26.00 to $28.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $25.79.

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.

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