BidaskClub Upgrades Ingles Markets (IMKTA) to “Buy”
Ingles Markets (NASDAQ:IMKTA) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday.
Separately, Zacks Investment Research upgraded shares of Ingles Markets from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 4th.
Ingles Markets (IMKTA) traded up $0.60 during midday trading on Tuesday, reaching $32.95. 135,400 shares of the company’s stock traded hands, compared to its average volume of 79,308. The company has a quick ratio of 0.39, a current ratio of 1.82 and a debt-to-equity ratio of 1.69. The firm has a market cap of $655.38, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 3.55 and a beta of 0.73. Ingles Markets has a 52 week low of $20.75 and a 52 week high of $52.40.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC bought a new stake in Ingles Markets in the third quarter valued at approximately $11,931,000. Citadel Advisors LLC increased its stake in Ingles Markets by 550.3% in the third quarter. Citadel Advisors LLC now owns 119,355 shares of the company’s stock valued at $3,067,000 after purchasing an additional 101,000 shares in the last quarter. Prudential Financial Inc. increased its stake in Ingles Markets by 29.9% in the third quarter. Prudential Financial Inc. now owns 347,596 shares of the company’s stock valued at $8,933,000 after purchasing an additional 79,940 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Ingles Markets in the third quarter valued at approximately $1,435,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Ingles Markets by 148.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 91,486 shares of the company’s stock valued at $3,046,000 after purchasing an additional 54,600 shares in the last quarter. 59.40% of the stock is owned by institutional investors and hedge funds.
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About Ingles Markets
Ingles Markets, Incorporated (Ingles) is a supermarket chain in the southeast United States. The Company’s segments include retail grocery and other. Its other segment consists of fluid dairy operations and shopping center rentals. As of September 24, 2016, the Company operated 201 supermarkets in Georgia, North Carolina, South Carolina, Tennessee, Virginia and Alabama.
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