Ingram Micro Tumbles 8% After Secondary Offering Priced at $27.25
INGM sits 37% above its 52-week low of $19.03.
Summary
Ingram Micro shares fell 8% after the secondary offering by controlling shareholder Platinum Equity was priced at $27.25 per share. The offering of 13.125 million shares was announced yesterday and priced this morning. The stock's decline reflects the dilutive impact and the discount to the prior close. This follows a series of secondary sales by Platinum Equity, including a $150 million open market sale in June. The company's Q2 results showed strong earnings but significant cash burn, which may be contributing to investor caution.
At the time of this announcement, INGM was trading at $26.05 on NYSE in the Technology sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $19.03 to $31.69. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.