Ingles Markets, Incorporated (IMKTA) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) from a strong sell rating to a hold rating in a research report report published on Wednesday 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. “
Separately, TheStreet downgraded shares of Ingles Markets, from a b rating to a c+ rating in a research report on Thursday, June 15th.
Shares of Ingles Markets, (NASDAQ IMKTA) traded up 1.88% on Wednesday, hitting $27.05. 38,564 shares of the stock traded hands. The stock has a 50 day moving average of $24.18 and a 200-day moving average of $33.79. Ingles Markets, has a 1-year low of $20.75 and a 1-year high of $52.40. The stock has a market cap of $548.01 million, a PE ratio of 11.27 and a beta of 0.69.
Ingles Markets, (NASDAQ:IMKTA) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.57 earnings per share (EPS) for the quarter. Ingles Markets, had a return on equity of 10.08% and a net margin of 1.26%. The company had revenue of $984.40 million during the quarter. On average, equities research analysts expect that Ingles Markets, will post $2.75 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, October 19th. Shareholders of record on Thursday, October 12th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Wednesday, October 11th. Ingles Markets,’s dividend payout ratio is presently 27.50%.
In other Ingles Markets, news, Director Sharp Laura Ingle sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $24.97, for a total transaction of $124,850.00. Following the completion of the sale, the director now owns 2,500 shares of the company’s stock, valued at approximately $62,425. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 30.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors acquired a new stake in Ingles Markets, during the 2nd quarter valued at approximately $100,000. Victory Capital Management Inc. boosted its holdings in shares of Ingles Markets, by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 3,805 shares of the company’s stock worth $127,000 after buying an additional 572 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Ingles Markets, by 13.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,002 shares of the company’s stock worth $129,000 after buying an additional 346 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Ingles Markets, by 353.3% during the 2nd quarter. Citigroup Inc. now owns 4,161 shares of the company’s stock worth $138,000 after buying an additional 3,243 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of Ingles Markets, during the 2nd quarter worth approximately $209,000. 58.94% of the stock is owned by institutional investors and hedge funds.
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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