Ingram Micro (NYSE:INGM) Rating Lowered to "Equal Weight" at Morgan Stanley

Ingram Micro (NYSE:INGM - Get Free Report) was downgraded by Morgan Stanley from an "overweight" rating to an "equal weight" rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have a $22.00 price target on the stock, down from their previous price target of $23.00. Morgan Stanley's target price would suggest a potential upside of 12.70% from the company's current price.

A number of other research analysts have also commented on the stock. Loop Capital reduced 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 report on Monday, March 10th. Raymond James reduced their target price on Ingram Micro from $28.00 to $26.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Royal Bank of Canada raised their price target on Ingram Micro from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Evercore ISI cut their price objective on Ingram Micro from $27.00 to $26.00 and set an "in-line" rating for the company in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ingram Micro from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. 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 Price Performance

NYSE:INGM traded down $0.04 during mid-day trading on Wednesday, hitting $19.52. 77,338 shares of the stock traded hands, compared to its average volume of 413,808. The business's 50-day moving average price is $18.30 and its 200 day moving average price is $20.17. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.40 and a quick ratio of 0.96. Ingram Micro has a 12-month low of $14.25 and a 12-month high of $25.69.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INGM. California State Teachers Retirement System bought a new position in Ingram Micro during the 4th quarter worth approximately $26,000. CWM LLC purchased a new stake in shares of Ingram Micro during the first quarter valued at approximately $26,000. Wells Fargo & Company MN purchased a new stake in shares of Ingram Micro during the fourth quarter valued at approximately $45,000. Cohen & Steers Inc. bought a new position in shares of Ingram Micro in the fourth quarter worth approximately $48,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Ingram Micro in the fourth quarter worth $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.