Price Action To Observe: Could Ingram Micro Inc. See a Reversal After Breaking Its 52-Week High?

Price Action To Observe: Could Ingram Micro Inc. See a Reversal After Breaking Its 52 Week High?

The stock of Ingram Micro Inc. (NYSE:IM) hit a new 52-week high and has $56.68 target or 52.00% above today’s $37.29 share price. The 9 months bullish chart indicates low risk for the $5.68B company. The 1-year high was reported on Oct, 31 by Barchart.com. If the $56.68 price target is reached, the company will be worth $2.95 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.52M shares traded hands or 68.07% up from the average. Ingram Micro Inc. (NYSE:IM) has risen 0.72% since March 29, 2016 and is uptrending. It has underperformed by 2.76% 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 $95.96 million for 14.80 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 company was maintained on Monday, November 2 by Needham. The firm earned “Hold” rating on Thursday, February 18 by Needham. Needham maintained it with “Buy” rating and $35.0 target price in Thursday, October 15 report. On Thursday, February 18 the stock rating was downgraded by Citigroup to “Neutral”. The firm has “Mkt Perform” rating by Raymond James given on Friday, February 19.

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 dropped, 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.
Analytic Lc holds 0.27% or 664,579 shares in its portfolio. Pax Ltd Liability Corporation has 494,169 shares for 1% of their US portfolio. The New York-based Leucadia National has invested 0.17% in Ingram Micro Inc. (NYSE:IM). Lakewood Cap Lp has 0.63% invested in the company for 375,687 shares. Interocean Cap Ltd Llc accumulated 16,463 shares or 0.14% of the stock. First Trust Advisors Limited Partnership holds 0.03% or 278,554 shares in its portfolio. Susquehanna Intl Llp owns 350,613 shares or 0.01% of their US portfolio. Denali Advsrs Ltd Limited Liability Company, a California-based fund reported 30,500 shares. Employees Retirement System Of Texas reported 69,000 shares or 0.03% of all its holdings. Moreover, Highbridge Cap Mngmt Ltd Liability Co has 0.28% invested in Ingram Micro Inc. (NYSE:IM) for 497,942 shares. Schroder Invest Mgmt Gp, a Maine-based fund reported 27,446 shares. Moreover, James Investment Research has 0.05% invested in Ingram Micro Inc. (NYSE:IM) for 53,015 shares. National Bank & Trust Of Montreal Can last reported 0% of its portfolio in the stock. Moreover, Hudson Bay Management Limited Partnership has 0.07% invested in Ingram Micro Inc. (NYSE:IM) for 63,915 shares. The New York-based Tower Cap Ltd Liability Corporation (Trc) has invested 0.02% in Ingram Micro Inc. (NYSE:IM).

Another recent and important Ingram Micro Inc. (NYSE:IM) news was published by Equitiesfocus.com which published an article titled: “Ingram Micro Inc. (NYSE:IM) Basic Consolidated EPS At $1.4013” on April 25, 2016.

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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