Ingram Micro Approves $75 Million Stock Repurchase Program

On March 4, Ingram Micro (NYSE:INGM) announced that its board has approved a share repurchase program authorizing the company to buy back $75 million worth of its own shares. This repurchase plan allows the company to acquire up to 1.5% of its outstanding shares through purchases on the open market. Such buyback programs often indicate that a company's management believes its shares are currently undervalued.

Analysts Set New Price Targets

Ingram Micro has received attention from several research firms in recent reports. BNP Paribas recently initiated coverage, rating the stock as "neutral" with a target price of $25.00. Meanwhile, Raymond James also started coverage, giving the company an "outperform" rating and a $28.00 price objective. Furthermore, Royal Bank of Canada raised their target on Ingram Micro from $26.00 to $28.00 while maintaining an "outperform" rating. Bank of America began coverage with a positive "buy" rating and a target of $30.00. Additionally, Northcoast Research rated the stock as "neutral". Overall, five analysts have a hold rating while eleven have issued buy ratings. According to MarketBeat, Ingram Micro has a consensus rating of "Moderate Buy" with a target price averaging at $28.14.

Read Our Latest Report on Ingram Micro

Ingram Micro Stock Performance

On the trading floor, NYSE:INGM saw shares rise by $0.13 to reach a price of $20.87 on Tuesday. Approximately 645,863 shares changed hands, significantly surpassing the average trading volume of 411,492 shares. The company holds a debt-to-equity ratio of 0.93, with a quick ratio of 0.96 and a current ratio of 1.40. Over the past year, Ingram Micro's stock has reached a low of $18.90 and a high of $25.69. Ingram Micro also reported its quarterly earnings on March 4, with earnings per share (EPS) reaching $0.92, slightly above analyst expectations which forecasted $0.89. Analysts project that Ingram Micro will have an EPS of 2.71 for the current fiscal year.

Ingram Micro Dividend Announcement

Ingram Micro has also announced a quarterly dividend of $0.074 per share, which will be distributed on March 25 to shareholders who are on record by March 11. This dividend represents an annualized total of $0.30, yielding approximately 1.42%.

Ingram Micro Company Profile

Ingram Micro is recognized as a leading solutions provider in the global information technology (IT) ecosystem, catering to some of the world's foremost technology brands. With its extensive infrastructure and emphasis on client and endpoint solutions, as well as advanced and cloud-based offerings, Ingram Micro enables its business partners to operate more effectively and efficiently in their respective markets.

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Should You Invest $1,000 in Ingram Micro Right Now?

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