Ingles Markets (IMKTA) Rating Lowered to Hold at BidaskClub

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.

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

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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