StockNews.com Downgrades Ingles Markets (NASDAQ:IMKTA) to Buy

StockNews.com lowered shares of Ingles Markets (NASDAQ:IMKTA) from a strong-buy rating to a buy rating in a research report released on Saturday.

Ingles Markets Stock Performance

IMKTA opened at $72.34 on Friday. The company has a quick ratio of 1.49, a current ratio of 2.99 and a debt-to-equity ratio of 0.34. The stock’s 50 day moving average price is $74.26 and its two-hundred day moving average price is $73.16. The firm has a market capitalization of $1.37 billion, a P/E ratio of 7.80 and a beta of 0.70. Ingles Markets has a 12-month low of $67.10 and a 12-month high of $89.59.

Ingles Markets (NASDAQ:IMKTA) last released its earnings results on Thursday, August 8th. The company reported $1.67 earnings per share for the quarter. The business had revenue of $1.39 billion for the quarter. Ingles Markets had a return on equity of 10.58% and a net margin of 2.74%.

Ingles Markets Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Thursday, July 11th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Thursday, July 11th. Ingles Markets’s payout ratio is 7.12%.

Insider Transactions at Ingles Markets

In other Ingles Markets news, Director Sharp Laura Ingle sold 5,901 shares of Ingles Markets stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $68.02, for a total transaction of $401,386.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IMKTA. CWM LLC lifted its holdings in Ingles Markets by 240.9% during the 2nd quarter. CWM LLC now owns 433 shares of the company’s stock worth $30,000 after buying an additional 306 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Ingles Markets by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 735 shares of the company’s stock valued at $63,000 after acquiring an additional 170 shares during the last quarter. Signaturefd LLC increased its position in Ingles Markets by 101.0% in the second quarter. Signaturefd LLC now owns 1,003 shares of the company’s stock worth $69,000 after purchasing an additional 504 shares during the period. Canada Pension Plan Investment Board bought a new stake in Ingles Markets during the 2nd quarter worth about $69,000. Finally, Innealta Capital LLC acquired a new position in Ingles Markets during the 2nd quarter valued at about $74,000. 62.54% of the stock is owned by institutional investors and hedge funds.

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.