NEW YORK ( TheStreet) -- Information technology distributor Ingram Micro (IM - Get Report), which may not be a well-known name to many, had a big day yesterday as shares rose 7.5% on more than three times normal average volume. A 7.5% move may not seem like big deal, but it is for Ingram, and it puts the stock close to a two-year high.Ingram has at least been fairly well-known in the deep value circles the past few years, simply because it has traded below, or very close to its net current asset value for much of that time. In fact, it's been one of the biggest net/nets in terms of market cap that I've experienced in the many years that I've been researching, following and writing about net/nets.
At times it appeared that Ingram might be what I refer to as a "perennial net/net," a term that describes a company that might appear to be very cheap, but that's simply the way it trades. In fact, the company only recently left net/net land due to its acquisition of Brightpoint for $650 million in October. Due to the cash expended for Brightpoint and increase in long-term debt, the transaction changed the nature of Ingram's balance sheet, pushing its valuation above net current asset value. Still, even with the acquisition, and yesterday's run-up, Ingram still trades at just 1.3 times net current asset value. All else being equal, that's cheap.