Ingles Markets (NASDAQ:IMKTA) Cut to Hold at StockNews.com

Ingles Markets (NASDAQ:IMKTA) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Ingles Markets Price Performance

Shares of IMKTA stock traded up $0.15 during mid-day trading on Tuesday, reaching $68.33. The company’s stock had a trading volume of 107,961 shares, compared to its average volume of 102,389. The firm’s 50-day moving average is $67.94 and its two-hundred day moving average is $70.68. The company has a market cap of $1.30 billion, a P/E ratio of 8.13 and a beta of 0.74. Ingles Markets has a 1-year low of $59.73 and a 1-year high of $89.59. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.49 and a current ratio of 2.99.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CWM LLC boosted its position in shares of Ingles Markets by 240.9% in the 2nd quarter. CWM LLC now owns 433 shares of the company’s stock worth $30,000 after purchasing an additional 306 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Ingles Markets by 413.9% during the third quarter. GAMMA Investing LLC now owns 406 shares of the company’s stock worth $30,000 after buying an additional 327 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Ingles Markets by 5.8% during the 3rd quarter. Franklin Resources Inc. now owns 6,933 shares of the company’s stock worth $517,000 after buying an additional 378 shares during the period. Sei Investments Co. increased its stake in shares of Ingles Markets by 12.1% in the 2nd quarter. Sei Investments Co. now owns 3,844 shares of the company’s stock valued at $264,000 after acquiring an additional 416 shares during the last quarter. Finally, Inspire Investing LLC increased its stake in shares of Ingles Markets by 9.5% in the 2nd quarter. Inspire Investing LLC now owns 5,170 shares of the company’s stock valued at $355,000 after acquiring an additional 447 shares during the last quarter. 62.54% of the stock is currently 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.