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 target price cut by equities researchers at Raymond James Financial from $26.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price objective indicates a potential upside of 27.52% from the company's previous close.

INGM has been the subject of several other reports. JPMorgan Chase & Co. lifted their target price on shares of Ingram Micro from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. The Goldman Sachs Group cut 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 note on Friday, May 9th. Morgan Stanley downgraded 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. Finally, Wall Street Zen downgraded Ingram Micro from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Ingram Micro presently has a consensus rating of "Moderate Buy" and an average target price of $25.79.

Ingram Micro Stock Performance

Shares of INGM traded up $0.06 during mid-day trading on Thursday, hitting $18.82. 126,092 shares of the company traded hands, compared to its average volume of 387,186. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.93 and a current ratio of 1.39. The stock has a 50-day moving average price of $20.20 and a two-hundred day moving average price of $19.89. Ingram Micro has a 1 year low of $14.25 and a 1 year high of $25.69. The stock has a market cap of $4.42 billion and a price-to-earnings ratio of 16.22.

Ingram Micro (NYSE:INGM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $12.79 billion for the quarter, compared to the consensus estimate of $11.99 billion. Ingram Micro had a net margin of 0.53% and a return on equity of 17.33%. Equities analysts anticipate that Ingram Micro will post 2.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System bought a new position in shares of Ingram Micro during the fourth quarter valued at about $26,000. CWM LLC purchased a new stake in Ingram Micro in the first quarter worth approximately $26,000. Wells Fargo & Company MN bought a new stake in shares of Ingram Micro during the 4th quarter valued at $45,000. Cohen & Steers Inc. bought a new position in Ingram Micro in the 4th quarter worth $48,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Ingram Micro during the 4th quarter valued at about $52,000.

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.