Ingles Markets (NASDAQ:IMKTA) Upgraded by StockNews.com to Strong-Buy

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

Ingles Markets Stock Performance

Shares of IMKTA opened at $72.15 on Wednesday. The company has a current ratio of 2.99, a quick ratio of 1.49 and a debt-to-equity ratio of 0.34. The firm’s fifty day simple moving average is $73.63 and its two-hundred day simple moving average is $73.50. Ingles Markets has a 12 month low of $67.10 and a 12 month high of $89.59. The stock has a market capitalization of $1.37 billion, a P/E ratio of 7.78 and a beta of 0.70.

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

Ingles Markets Announces Dividend

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

Insider Buying and Selling

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 shares were sold at an average price of $68.02, for a total value of $401,386.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 16,700 shares of company stock valued at $1,160,640 over the last ninety days. 23.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ingles Markets

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC grew its position in Ingles Markets by 240.9% in the 2nd quarter. CWM LLC now owns 433 shares of the company’s stock valued at $30,000 after purchasing an additional 306 shares during the period. Quadrant Capital Group LLC increased its position in shares of Ingles Markets by 30.1% during the fourth quarter. Quadrant Capital Group LLC now owns 735 shares of the company’s stock worth $63,000 after acquiring an additional 170 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Ingles Markets in the 4th quarter worth about $78,000. Canada Pension Plan Investment Board bought a new position in Ingles Markets in the 2nd quarter valued at about $69,000. Finally, Signaturefd LLC boosted its stake in Ingles Markets by 101.0% during the 2nd quarter. Signaturefd LLC now owns 1,003 shares of the company’s stock valued at $69,000 after purchasing an additional 504 shares during the last quarter. Institutional investors and hedge funds own 62.54% of the company’s stock.

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.