Ingles Markets (NASDAQ:IMKTA) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
IMKTA has been the subject of a number of other reports. ValuEngine raised shares of Ingles Markets from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 31st. Zacks Investment Research raised shares of Ingles Markets from a “sell” rating to a “hold” rating in a report on Monday, September 3rd.
Shares of NASDAQ:IMKTA opened at $34.25 on Tuesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.96 and a quick ratio of 0.50. The stock has a market capitalization of $688.81 million, a P/E ratio of 12.89, a PEG ratio of 1.25 and a beta of 0.44. Ingles Markets has a 52 week low of $22.63 and a 52 week high of $37.65.
In other Ingles Markets news, Director Sharp Laura Ingle sold 2,500 shares of the stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $36.00, for a total value of $90,000.00. Following the completion of the transaction, the director now directly owns 30,000 shares of the company’s stock, valued at $1,080,000. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 29.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Northern Trust Corp increased its stake in shares of Ingles Markets by 1.1% during the 2nd quarter. Northern Trust Corp now owns 275,510 shares of the company’s stock worth $8,761,000 after purchasing an additional 3,017 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Ingles Markets by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 156,874 shares of the company’s stock worth $4,989,000 after purchasing an additional 2,592 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Ingles Markets by 449.4% during the 2nd quarter. Bank of America Corp DE now owns 54,300 shares of the company’s stock worth $1,726,000 after purchasing an additional 44,416 shares in the last quarter. Raymond James & Associates increased its stake in shares of Ingles Markets by 6.3% during the 2nd quarter. Raymond James & Associates now owns 79,827 shares of the company’s stock worth $2,538,000 after purchasing an additional 4,702 shares in the last quarter. Finally, BlueMountain Capital Management LLC purchased a new position in shares of Ingles Markets during the 2nd quarter worth approximately $101,000. 63.86% of the stock is owned by institutional investors and hedge funds.
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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