BidaskClub Lowers Ingles Markets (NASDAQ:IMKTA) to Hold

BidaskClub lowered shares of Ingles Markets (NASDAQ:IMKTA) from a buy rating to a hold rating in a research report report published on Friday morning, BidAskClub reports.

A number of other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Ingles Markets from a sell rating to a strong sell rating in a research report on Friday, March 15th. TheStreet raised Ingles Markets from a c+ rating to a b- rating in a report on Friday, March 1st. Finally, Zacks Investment Research raised Ingles Markets from a hold rating to a buy rating and set a $34.00 target price for the company in a report on Wednesday, May 15th.

Shares of IMKTA opened at $30.86 on Friday. The company has a current ratio of 1.94, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $625.19 million, a price-to-earnings ratio of 6.42, a PEG ratio of 1.16 and a beta of 0.47. The business’s 50 day simple moving average is $30.58. Ingles Markets has a 12-month low of $25.57 and a 12-month high of $37.65.

Ingles Markets (NASDAQ:IMKTA) last announced its earnings results on Wednesday, May 8th. The company reported $0.74 earnings per share (EPS) for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 12.26%. The business had revenue of $1 billion for the quarter. As a group, analysts expect that Ingles Markets will post 3.4 earnings per share for the current fiscal year.

In related news, Director Sharp Laura Ingle sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.39, for a total value of $68,475.00. Following the completion of the transaction, the director now owns 25,000 shares of the company’s stock, valued at approximately $684,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 29.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in IMKTA. Investors Research Corp purchased a new stake in Ingles Markets in the 1st quarter valued at about $30,000. Bank of Montreal Can grew its holdings in Ingles Markets by 50.3% in the 4th quarter. Bank of Montreal Can now owns 2,162 shares of the company’s stock valued at $58,000 after buying an additional 724 shares during the period. Legal & General Group Plc grew its holdings in Ingles Markets by 32.9% in the 4th quarter. Legal & General Group Plc now owns 2,720 shares of the company’s stock valued at $74,000 after buying an additional 674 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Ingles Markets by 49,133.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,954 shares of the company’s stock valued at $82,000 after buying an additional 2,948 shares during the period. Finally, Carroll Financial Associates Inc. grew its holdings in Ingles Markets by 33.3% in the 1st quarter. Carroll Financial Associates Inc. now owns 4,000 shares of the company’s stock valued at $110,000 after buying an additional 1,000 shares during the period. 62.58% of the stock is owned by hedge funds and other institutional investors.

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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