Ingles Markets (NASDAQ:IMKTA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

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. “

A number of other brokerages have also recently commented on IMKTA. BidaskClub raised Ingles Markets from a “hold” rating to a “buy” rating in a report on Monday, October 1st. ValuEngine raised Ingles Markets from a “strong sell” rating to a “sell” rating in a report on Thursday, June 21st.

NASDAQ IMKTA opened at $32.33 on Tuesday. The firm has a market cap of $693.87 million, a PE ratio of 12.03, a PEG ratio of 1.26 and a beta of 0.39. The company has a current ratio of 1.96, a quick ratio of 0.50 and a debt-to-equity ratio of 1.51. Ingles Markets has a 1-year low of $22.63 and a 1-year high of $37.65.

Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings results on Thursday, August 9th. The company reported $0.91 earnings per share for the quarter. The firm had revenue of $1.03 billion for the quarter. Ingles Markets had a return on equity of 16.76% and a net margin of 2.38%. As a group, analysts forecast that Ingles Markets will post 2.75 EPS for the current fiscal year.

In other Ingles Markets news, Director Sharp Laura Ingle sold 2,500 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $36.00, for a total value of $90,000.00. Following the completion of the sale, the director now owns 30,000 shares in the company, valued at approximately $1,080,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 29.50% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in Ingles Markets by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,195,232 shares of the company’s stock worth $40,459,000 after buying an additional 7,115 shares in the last quarter. BlackRock Inc. grew its position in shares of Ingles Markets by 13.6% during the second quarter. BlackRock Inc. now owns 1,048,204 shares of the company’s stock valued at $33,332,000 after purchasing an additional 125,446 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Ingles Markets by 36.9% during the second quarter. Janus Henderson Group PLC now owns 885,022 shares of the company’s stock valued at $28,144,000 after purchasing an additional 238,491 shares in the last quarter. Northern Trust Corp grew its position in shares of Ingles Markets by 1.1% during the second quarter. Northern Trust Corp now owns 275,510 shares of the company’s stock valued at $8,761,000 after purchasing an additional 3,017 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Ingles Markets by 12.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 267,681 shares of the company’s stock valued at $8,513,000 after purchasing an additional 30,061 shares in the last quarter. Institutional investors and hedge funds own 63.86% of the company’s stock.

Ingles Markets Company Profile

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. Its supermarkets offer various food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, such as fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.

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