In a recent transaction, Platinum Equity, LLC, a significant stakeholder in Ingram Micro Holding Corp (NASDAQ:INGM), has sold 7 million shares of the company’s common stock. The shares were sold at a price of $22.00 each, amounting to a total value of $154 million. Following this sale, Platinum Equity retains ownership of approximately 213.7 million shares in the company.
The transaction was executed on October 25, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. The sale was conducted through Imola JV Holdings, L.P., which is part of a complex ownership structure linked to Platinum Equity. Tom Gores, a key figure in this structure, is associated with Platinum Equity and its various entities, which collectively hold a significant stake in Ingram Micro.
This sale is part of the regular trading activities of large institutional investors and reflects the ongoing management of their investment portfolios.
InvestingPro Insights
To provide additional context to Platinum Equity's recent sale of Ingram Micro Holding Corp (NASDAQ:INGM) shares, it's worth examining some key financial metrics and insights from InvestingPro.
According to InvestingPro data, Ingram Micro's revenue for the last twelve months as of Q2 2024 stood at $47.82 billion. Despite this substantial revenue figure, the company has experienced a slight revenue decline of 0.68% over the same period. This context may shed light on why a major shareholder like Platinum Equity might adjust its position.
An InvestingPro Tip highlights that Ingram Micro is a prominent player in the Electronic Equipment, Instruments & Components industry. This aligns with the company's significant revenue and market presence, which likely contributed to Platinum Equity's initial investment.
Another relevant InvestingPro Tip notes that Ingram Micro is trading at a low revenue valuation multiple. This could suggest that the market may be undervaluing the company relative to its sales, which might influence large shareholders' decisions regarding their holdings.
It's worth noting that InvestingPro offers 6 additional tips for Ingram Micro, providing a more comprehensive analysis for investors seeking deeper insights into the company's financial health and market position.
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