StockNews.com Lowers Ingles Markets (NASDAQ:IMKTA) to Buy

Ingles Markets (NASDAQ:IMKTA) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Ingles Markets Stock Up 2.2 %

IMKTA opened at $73.43 on Thursday. The firm’s 50-day simple moving average is $74.03 and its 200-day simple moving average is $73.35. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.49 and a current ratio of 2.99. Ingles Markets has a twelve month low of $67.10 and a twelve month high of $89.59. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 7.92 and a beta of 0.70.

Ingles Markets (NASDAQ:IMKTA) last posted its earnings results on Thursday, August 8th. The company reported $1.67 earnings per share for the quarter. Ingles Markets had a net margin of 2.74% and a return on equity of 10.58%. The business had revenue of $1.39 billion for the quarter.

Insider Buying and Selling

In related news, Director Sharp Laura Ingle sold 4,799 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $70.38, for a total transaction of $337,753.62. Following the transaction, the director now owns 5,901 shares in the company, valued at approximately $415,312.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 23.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC lifted its position in Ingles Markets by 240.9% during the 2nd quarter. CWM LLC now owns 433 shares of the company’s stock valued at $30,000 after purchasing an additional 306 shares during the period. Quadrant Capital Group LLC lifted its position in Ingles Markets by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 735 shares of the company’s stock valued at $63,000 after purchasing an additional 170 shares during the period. Signaturefd LLC lifted its position in Ingles Markets by 101.0% during the 2nd quarter. Signaturefd LLC now owns 1,003 shares of the company’s stock valued at $69,000 after purchasing an additional 504 shares during the period. Canada Pension Plan Investment Board acquired a new position in Ingles Markets during the 2nd quarter valued at about $69,000. Finally, Innealta Capital LLC bought a new stake in shares of Ingles Markets in the 2nd quarter valued at about $74,000. Institutional investors and hedge funds own 62.54% of the company’s stock.

About Ingles Markets

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.