Ingles Markets (NASDAQ:IMKTA) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a report released on Monday morning.

Ingles Markets Stock Performance

NASDAQ:IMKTA opened at $64.44 on Monday. Ingles Markets has a twelve month low of $59.73 and a twelve month high of $89.59. The company has a market capitalization of $1.22 billion, a P/E ratio of 7.67 and a beta of 0.74. The company has a current ratio of 2.99, a quick ratio of 1.49 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $68.70 and a two-hundred day moving average price of $70.28.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Friday, December 27th. The company reported ($0.08) earnings per share for the quarter. Ingles Markets had a return on equity of 10.58% and a net margin of 2.74%.

Ingles Markets Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a $0.165 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $0.66 annualized dividend and a dividend yield of 1.02%. Ingles Markets’s dividend payout ratio is currently 7.86%.

Institutional Investors Weigh In On Ingles Markets

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Ingles Markets by 413.9% during the 3rd quarter. GAMMA Investing LLC now owns 406 shares of the company’s stock worth $30,000 after purchasing an additional 327 shares during the period. CWM LLC increased its stake in Ingles Markets by 75.5% in the third quarter. CWM LLC now owns 760 shares of the company’s stock valued at $57,000 after purchasing an additional 327 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Ingles Markets during the second quarter worth about $69,000. Signaturefd LLC boosted its stake in Ingles Markets by 101.0% in the 2nd quarter. Signaturefd LLC now owns 1,003 shares of the company’s stock worth $69,000 after buying an additional 504 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Ingles Markets in the 2nd quarter worth about $75,000. 62.54% of the stock is owned by institutional investors and hedge funds.

Ingles Markets Company Profile

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.