Zacks Investment Research downgraded shares of Ingles Markets (NASDAQ:IMKTA) from a buy rating to a hold rating in a research note released on Thursday morning.

According to Zacks, “Ingles Markets, Incorporated is a leading supermarket chain with operations in the southeastern United States. Ingles’ strategy is to locate its supermarkets primarily in suburban areas, small towns and rural communities, where management believes the market may be underserved by existing supermarkets. “

Other equities analysts also recently issued research reports about the company. BidaskClub raised Ingles Markets from a hold rating to a buy rating in a research report on Tuesday, December 12th. TheStreet raised Ingles Markets from a c+ rating to a b- rating in a research report on Tuesday, December 26th.

Shares of Ingles Markets (IMKTA) traded up $0.90 during midday trading on Thursday, reaching $31.05. The company’s stock had a trading volume of 49,014 shares, compared to its average volume of 108,650. The firm has a market capitalization of $618.91, a P/E ratio of 11.33, a PEG ratio of 3.35 and a beta of 0.60. The company has a current ratio of 1.82, a quick ratio of 0.39 and a debt-to-equity ratio of 1.69. Ingles Markets has a 1 year low of $20.75 and a 1 year high of $48.35.

Ingles Markets (NASDAQ:IMKTA) last announced its quarterly earnings results on Thursday, December 7th. The company reported $0.96 earnings per share for the quarter. The firm had revenue of $1.09 billion for the quarter. Ingles Markets had a return on equity of 10.92% and a net margin of 1.35%. equities analysts forecast that Ingles Markets will post 2.85 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, January 18th. Stockholders of record on Thursday, January 11th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Wednesday, January 10th. Ingles Markets’s payout ratio is 24.81%.

Institutional investors have recently bought and sold shares of the company. Citigroup Inc. grew its position in shares of Ingles Markets by 353.3% in the second quarter. Citigroup Inc. now owns 4,161 shares of the company’s stock valued at $138,000 after purchasing an additional 3,243 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ingles Markets in the second quarter valued at approximately $264,000. Voya Investment Management LLC grew its position in shares of Ingles Markets by 11.7% in the second quarter. Voya Investment Management LLC now owns 8,252 shares of the company’s stock valued at $275,000 after purchasing an additional 864 shares during the last quarter. Virginia Retirement Systems ET AL grew its position in shares of Ingles Markets by 42.0% in the third quarter. Virginia Retirement Systems ET AL now owns 9,800 shares of the company’s stock valued at $252,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in shares of Ingles Markets by 71.9% in the third quarter. Wedge Capital Management L L P NC now owns 10,804 shares of the company’s stock valued at $278,000 after purchasing an additional 4,519 shares during the last quarter. 59.50% of the stock is currently owned by institutional investors.

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Ingles Markets Company Profile

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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