Short Interest in Ingles Markets, Incorporated (NASDAQ:IMKTA) Drops By 8.0%

Ingles Markets, Incorporated (NASDAQ:IMKTA) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 588,400 shares, a drop of 8.0% from the October 15th total of 639,300 shares. Based on an average daily volume of 140,800 shares, the short-interest ratio is currently 4.2 days.

Ingles Markets Stock Down 0.3 %

Shares of Ingles Markets stock opened at $69.83 on Tuesday. The business’s fifty day moving average price is $67.77 and its two-hundred day moving average price is $70.95. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.99 and a quick ratio of 1.49. The company has a market capitalization of $1.33 billion, a P/E ratio of 8.31 and a beta of 0.72. Ingles Markets has a 1-year low of $59.73 and a 1-year high of $89.59.

Ingles Markets Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Thursday, October 10th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Thursday, October 10th. Ingles Markets’s payout ratio is currently 7.86%.

Institutional Trading of Ingles Markets

A number of hedge funds and other institutional investors have recently modified their holdings of IMKTA. Russell Investments Group Ltd. raised its stake in shares of Ingles Markets by 3,487.5% in the 1st quarter. Russell Investments Group Ltd. now owns 2,583 shares of the company’s stock worth $198,000 after buying an additional 2,511 shares in the last quarter. Cynosure Group LLC bought a new stake in shares of Ingles Markets in the 1st quarter worth $312,000. Gamco Investors INC. ET AL raised its stake in shares of Ingles Markets by 1.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 550,595 shares of the company’s stock worth $42,220,000 after buying an additional 6,475 shares in the last quarter. BOKF NA acquired a new position in shares of Ingles Markets in the 1st quarter worth $267,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Ingles Markets by 13.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,933 shares of the company’s stock worth $609,000 after acquiring an additional 912 shares during the last quarter. Institutional investors own 62.54% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 21st.

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.