Ingles Markets (NASDAQ:IMKTA) Trading Down 6.4% – Here’s What Happened

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) were down 6.4% during mid-day trading on Friday . The company traded as low as $61.05 and last traded at $62.20. Approximately 39,120 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 106,908 shares. The stock had previously closed at $66.47.

Analysts Set New Price Targets

Separately, StockNews.com raised Ingles Markets from a “hold” rating to a “buy” rating in a research report on Monday, December 30th.

Ingles Markets Stock Down 4.0 %

The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 11.50 and a beta of 0.75. The firm has a 50-day moving average price of $66.52 and a two-hundred day moving average price of $69.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.45 and a current ratio of 2.89.

Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.87 EPS for the quarter. Ingles Markets had a return on equity of 6.90% and a net margin of 1.87%.

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.165 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.66 annualized dividend and a dividend yield of 1.03%. Ingles Markets’s dividend payout ratio (DPR) is currently 11.89%.

Institutional Trading of Ingles Markets

A number of institutional investors have recently modified their holdings of IMKTA. Systematic Financial Management LP raised its holdings in shares of Ingles Markets by 8.3% in the third quarter. Systematic Financial Management LP now owns 196,671 shares of the company’s stock worth $14,672,000 after acquiring an additional 15,107 shares during the last quarter. River Road Asset Management LLC raised its holdings in shares of Ingles Markets by 7.1% in the third quarter. River Road Asset Management LLC now owns 971,026 shares of the company’s stock worth $72,439,000 after acquiring an additional 64,296 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Ingles Markets by 33.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,846 shares of the company’s stock worth $3,271,000 after acquiring an additional 10,916 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Ingles Markets in the second quarter valued at $641,000. Finally, Victory Capital Management Inc. increased its stake in Ingles Markets by 36.2% in the third quarter. Victory Capital Management Inc. now owns 47,901 shares of the company’s stock valued at $3,573,000 after purchasing an additional 12,726 shares during the last quarter. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

Ingles Markets Company Profile

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.