NEW YORK: Zacks downgraded shares of Ingram Micro (NYSE:IM) from a hold rating to a sell rating in a research note released, ARN reports.
According to Zacks, “The world’s leading technology distributor Ingram Micro reported modest first-quarter 2015 results, with the bottom line missing the Zacks Consensus Estimate but the top line beating the same. However, the company provided tepid guidance for the second quarter anticipating significant negative impact from foreign exchange rates. Nonetheless, its focus on high-margin markets and strategic acquisitions to increase market share are encouraging. Additionally, the company’s focus on cloud computing products is expected to drive growth. However, the persistent decline in PC shipments remains a major concern for Ingram’s future as it generates significant revenues from PC sales. Moreover, the latest IDC forecast on PC shipment adds to the woes.”
Zacks has also modified their ratings on a number of other information technology stocks in the few days. The firm downgraded shares of FEI Company from a hold rating to a sell rating. Also, Zacks downgraded shares of Cognex Co. from a buy rating to a hold rating. Finally, Zacks downgraded shares of FARO Technologies, Inc. from a hold rating to a sell rating.
Shares of Ingram Micro (NYSE:IM) traded down 1.74% during mid-day trading on Monday, hitting $24.82. The stock had a trading volume of 1,184,255 shares. Ingram Micro has a 52 week low of $22.22 and a 52 week high of $30.46. The stock’s 50-day moving average is $26.52 and its 200-day moving average is $25.91. The company has a market cap of $3.88 billion and a price-to-earnings ratio of 13.96.
Ingram Micro (NYSE:IM) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.43 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.44 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the company posted $0.43 earnings per share. Ingram Micro’s revenue was up 2.5% compared to the same quarter last year. On average, analysts predict that Ingram Micro will post $2.75 earnings per share for the current fiscal year.
In other Ingram Micro news, CFO William David Humes sold 19,395 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $26.92, for a total value of $522,113.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Shailendra Gupta sold 11,631 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $26.95, for a total value of $313,455.45. The disclosure for this sale can be found here.
A number of other firms have also recently commented on IM. Analysts at Brean Capital set a $36.00 price target on shares of Ingram Micro and gave the company a buy rating in a research note on Tuesday, May 5th. Analysts at Stifel Nicolaus lowered their price target on shares of Ingram Micro from $35.00 to $33.00 and set a buy rating on the stock in a research note on Tuesday, May 5th. Finally, analysts at Barclays downgraded shares of Ingram Micro from an overweight rating to an equal weight rating and lowered their price target for the stock from $29.00 to $26.00 in a research note on Thursday, March 12th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Ingram Micro has a consensus rating of Buy and a consensus target price of $33.25.
Ingram Micro Inc. (NYSE:IM) is an information technology (IT) supply chain management, mobile device lifecycle services and logistics solutions company. The Company distributes and markets technology products all over the world from the industry’s computer hardware suppliers, mobility hardware suppliers, networking equipment suppliers, software publishers, and other suppliers of computer peripherals, consumer electronics (CE), unified communication and collaboration, automatic identification and data capture (AIDC)/point-of-sale (POS), and physical security products. The Company has operations in 38 countries, spanning all global regions: North America, Europe, Asia-Pacific and Latin America. The Company also operates support centers in Argentina, Bulgaria, Costa Rica, India, Philippines and Puerto Rico.
