Ingram Micro (NYSE:INGM) Downgraded by Morgan Stanley to "Equal Weight"

Ingram Micro (NYSE:INGM - Get Free Report) was downgraded by equities research analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They presently have a $22.00 price objective on the stock, down from their prior price objective of $23.00. Morgan Stanley's price target would suggest a potential upside of 16.53% from the stock's current price.

Several other equities research analysts also recently commented on the stock. Raymond James decreased their target price on shares of Ingram Micro from $28.00 to $26.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Bank of America decreased their target price on shares of Ingram Micro from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. The Goldman Sachs Group reduced their price objective on shares of Ingram Micro from $29.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Royal Bank of Canada upped their price objective on shares of Ingram Micro from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Finally, Loop Capital reduced their price objective 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. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Ingram Micro presently has an average rating of "Moderate Buy" and an average target price of $25.71.

Ingram Micro Trading Down 2.9%

Ingram Micro stock traded down $0.56 during mid-day trading on Wednesday, reaching $18.88. The company had a trading volume of 385,385 shares, compared to its average volume of 415,268. The business has a fifty day simple moving average of $18.46 and a 200 day simple moving average of $20.12. Ingram Micro has a fifty-two week low of $14.25 and a fifty-two week high of $25.69. 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 declared that its board has approved a stock buyback plan on Tuesday, March 4th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Ingram Micro

Several institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its position in Ingram Micro by 46.0% during the 1st quarter. Rhumbline Advisers now owns 12,843 shares of the company's stock valued at $228,000 after acquiring an additional 4,044 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Ingram Micro during the first quarter valued at approximately $372,000. Alyeska Investment Group L.P. boosted its position in shares of Ingram Micro by 634.6% in the first quarter. Alyeska Investment Group L.P. now owns 1,436,187 shares of the company's stock worth $25,478,000 after purchasing an additional 1,240,675 shares during the period. Quantbot Technologies LP bought a new position in shares of Ingram Micro during the first quarter worth $443,000. Finally, Wellington Management Group LLP raised its stake in Ingram Micro by 124.9% during the first quarter. Wellington Management Group LLP now owns 3,128,110 shares of the company's stock valued at $55,493,000 after purchasing an additional 1,737,236 shares in the last quarter.

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.