The stock of Ingram Micro Inc. (NYSE:IM) gapped up by $0.72 today and has $49.21 target or 38.00% above today’s $35.66 share price. The 5 months technical chart setup indicates low risk for the $5.31B company. The gap was reported on Oct, 1 by Barchart.com. If the $49.21 price target is reached, the company will be worth $2.02B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 3.21% or $1.11 on September 30, hitting $35.66. About 2.31M shares traded hands or 254.84% up from the average. Ingram Micro Inc. (NYSE:IM) has declined 0.39% since February 29, 2016 and is downtrending. It has underperformed by 10.82% the S&P500.
Analysts await Ingram Micro Inc. (NYSE:IM) to report earnings on November, 3. They expect $0.63 EPS, down 5.97% or $0.04 from last year’s $0.67 per share. IM’s profit will be $93.81M for 14.15 P/E if the $0.63 EPS becomes a reality. After $0.61 actual EPS reported by Ingram Micro Inc. for the previous quarter, Wall Street now forecasts 3.28% EPS growth.
Ingram Micro Inc. (NYSE:IM) Ratings Coverage
Out of 3 analysts covering Ingram Micro (NYSE:IM), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. Ingram Micro has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Needham on Thursday, October 15. The company was maintained on Monday, November 2 by Needham. The stock has “Neutral” rating given by Citigroup on Thursday, February 18. The rating was downgraded by Raymond James to “Mkt Perform” on Friday, February 19. The rating was downgraded by Needham to “Hold” on Thursday, February 18.
According to Zacks Investment Research, “Ingram Micro, Inc. is one of the leading distributors of information technology products and services worldwide. The company markets computer hardware, networking equipment, and software products to reseller customers in numerous countries. The company also provides logistics and fulfillment services to vendor and reseller customers.”
Insitutional Activity: The institutional sentiment decreased to 0.87 in 2016 Q2. Its down 0.05, from 0.92 in 2016Q1. The ratio fall, as 44 funds sold all Ingram Micro Inc. shares owned while 115 reduced positions. 34 funds bought stakes while 104 increased positions. They now own 123.03 million shares or 9.62% less from 136.13 million shares in 2016Q1.
Princeton Alpha Mngmt Ltd Partnership holds 0.17% or 26,944 shares in its portfolio. Liberty Mutual Group Asset has invested 0.08% of its portfolio in Ingram Micro Inc. (NYSE:IM). Ubs Asset Management Americas holds 0.01% of its portfolio in Ingram Micro Inc. (NYSE:IM) for 211,875 shares. Wfg Advisors Lp accumulated 0% or 21 shares. Babson Mngmt Limited Liability Co accumulated 12,800 shares or 0.01% of the stock. Advsrs Asset Mgmt owns 31,506 shares or 0.02% of their US portfolio. Moreover, P Schoenfeld Asset Ltd Partnership has 2.36% invested in Ingram Micro Inc. (NYSE:IM) for 1.06 million shares. Dynamic Limited last reported 0.38% of its portfolio in the stock. Oakbrook Invs Ltd Liability Corporation accumulated 0.01% or 7,500 shares. Moreover, Schwab Charles Investment Mngmt has 0.03% invested in Ingram Micro Inc. (NYSE:IM) for 689,148 shares. Renaissance Techs Ltd Liability Corp holds 0.04% or 605,400 shares in its portfolio. Raymond James Financial Serv Advsr last reported 0.01% of its portfolio in the stock. Prudential Incorporated holds 0.01% or 147,362 shares in its portfolio. Interocean Cap Llc holds 0.14% or 16,463 shares in its portfolio. Eii Capital has 134,330 shares for 1.37% of their US portfolio.
More recent Ingram Micro Inc. (NYSE:IM) news were published by: Wsj.com which released: “Ingram Micro to Become Part of China’s HNA Group in $6 Billion Deal” on February 17, 2016. Also Marketwatch.com published the news titled: “Ingram Micro Cloud Launches Automated Cloud Services Platform in Brazil” on September 13, 2016. Zacks.com‘s news article titled: “Ingram Micro (IM) Expands its Cloud Marketplace to Brazil” with publication date: September 15, 2016 was also an interesting one.
IM Company Profile
Ingram Micro Inc. (Ingram Micro), incorporated on April 29, 1996, is engaged in the distribution of information technology (IT) products, supply chain services and mobile device lifecycle services around the world. The Firm 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 Firm has activities in approximately 40 countries.
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