Raymond James Financial Cuts Ingram Micro (NYSE:INGM) Price Target to $24.00

Key Points

• Raymond James Financial has lowered Ingram Micro's price target from $26.00 to $24.00, while maintaining an "outperform" rating, suggesting a potential upside of 29.62% from its current price.
• The stock recently experienced a 3.7% decline and is currently priced at $18.52, with a 12-month high of $25.69.
• Institutional investors have been active, with Lind Value II ApS purchasing a new position valued at $24.99 million in the second quarter.

Ingram Micro (NYSE:INGM - Get Free Report) had its price target cut by research analysts at Raymond James Financial from $26.00 to $24.00 in a report released on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price objective would indicate a potential upside of 29.62% from the company's current price.

INGM has been the topic of several other research reports. Wall Street Zen cut Ingram Micro from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley cut shares of Ingram Micro from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $23.00 to $22.00 in a report on Wednesday, June 11th. The Goldman Sachs Group dropped their target price on shares of Ingram Micro from $29.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on Ingram Micro from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.79.

Ingram Micro Stock Down 3.7%

Shares of INGM stock opened at $18.52 on Thursday. Ingram Micro has a 12 month low of $14.25 and a 12 month high of $25.69. The firm's 50-day moving average is $20.22 and its two-hundred day moving average is $19.98. The company has a quick ratio of 0.95, a current ratio of 1.40 and a debt-to-equity ratio of 0.78.

Ingram Micro (NYSE:INGM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $12.79 billion during the quarter, compared to analyst estimates of $11.99 billion. Equities research analysts anticipate that Ingram Micro will post 2.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingram Micro

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lind Value II ApS bought a new position in Ingram Micro in the 2nd quarter valued at $24,995,000. Pullen Investment Management LLC lifted its position in Ingram Micro by 36.1% during the second quarter. Pullen Investment Management LLC now owns 92,508 shares of the company's stock valued at $1,928,000 after purchasing an additional 24,531 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Ingram Micro by 3.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012,843 shares of the company's stock worth $21,574,000 after purchasing an additional 37,464 shares during the last quarter. CWM LLC raised its stake in shares of Ingram Micro by 125.7% during the second quarter. CWM LLC now owns 3,333 shares of the company's stock worth $69,000 after acquiring an additional 1,856 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Ingram Micro by 62.5% during the second quarter. State of Alaska Department of Revenue now owns 78,000 shares of the company's stock valued at $1,625,000 after buying an additional 30,000 shares during 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.

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