Ingram Micro (NYSE:INGM) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Ingram Micro Holding Corporation (NYSE:INGM) saw strong trading volume on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. Approximately 2,235,096 shares were traded during mid-day trading, an increase of 66% from the average daily volume of 1,345,419 shares. The stock last traded at $26.08 and had previously closed at $26.98.

A number of other equities analysts have also issued reports on the stock. Weiss Ratings raised shares of Ingram Micro from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 30th. Truist Financial increased their price target on shares of Ingram Micro from $29.00 to $31.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. The Goldman Sachs Group restated a “neutral” rating and issued a $33.00 price target on shares of Ingram Micro in a research report on Friday, July 31st. Morgan Stanley dropped their price objective on shares of Ingram Micro from $33.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 16th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ingram Micro in a report on Monday, August 31st. They set a “hold” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Insider Activity at Ingram Micro

In other Ingram Micro news, major shareholder Platinum Equity, Llc sold 1,968,750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $27.19, for a total value of $53,530,312.50. Following the completion of the sale, the insider owned 162,372,569 shares in the company, valued at approximately $4,414,910,151.11. This trade represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.95% of the company’s stock.

Institutional Trading of Ingram Micro

Institutional investors and hedge funds have recently modified their holdings of the company. Platinum Equity Advisors LLC DE acquired a new stake in Ingram Micro during the 2nd quarter valued at $4,867,901,130. BlackRock Inc. acquired a new position in Ingram Micro in the second quarter worth $35,663,000. Bank of America Corp DE grew its holdings in shares of Ingram Micro by 225.1% during the first quarter. Bank of America Corp DE now owns 1,038,331 shares of the company’s stock worth $24,203,000 after purchasing an additional 718,970 shares during the last quarter. Lakewood Capital Management LP bought a new stake in shares of Ingram Micro during the second quarter worth $10,835,000. Finally, Algert Global LLC bought a new stake in shares of Ingram Micro during the second quarter worth $10,161,000.

Ingram Micro Stock Performance

The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 0.61 and a beta of 1.69. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.31 and a quick ratio of 0.88. The stock has a 50 day moving average price of $27.48 and a two-hundred day moving average price of $26.41.

Ingram Micro (NYSE:INGM) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. Ingram Micro had a return on equity of 18.76% and a net margin of 0.79%. The business had revenue of $15.22 billion during the quarter, compared to analysts’ expectations of $13.83 billion. During the same period in the previous year, the business posted $0.72 earnings per share. On average, analysts predict that Ingram Micro Holding Corporation will post 3.52 EPS for the current fiscal year.

Ingram Micro Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be paid a $0.0880 dividend. This is a boost from Ingram Micro’s previous quarterly dividend of $0.0860. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, November 9th. Ingram Micro’s payout ratio is presently 17.17%.

About Ingram Micro

Ingram Micro Inc is a global technology distribution and services company that connects technology manufacturers with businesses, resellers, systems integrators and other channel partners. Its portfolio includes hardware, software, cloud solutions, cybersecurity products, networking equipment, data-center technologies and communications solutions.

The company also provides value-added services such as cloud marketplace management, device lifecycle services, logistics, fulfillment, financing support, technical assistance and professional services.