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

Ingles Markets (NASDAQ:IMKTA) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Ingles Markets Stock Down 0.6 %

Ingles Markets stock opened at $73.04 on Friday. The firm has a market capitalization of $1.39 billion, a PE ratio of 7.88 and a beta of 0.70. The company’s 50-day moving average is $74.26 and its 200-day moving average is $73.19. Ingles Markets has a fifty-two week low of $67.10 and a fifty-two week high of $89.59. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.99 and a quick ratio of 1.49.

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

Insider Buying and Selling at Ingles Markets

In related news, Director Sharp Laura Ingle sold 5,901 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $68.02, for a total transaction of $401,386.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 23.10% of the company’s stock.

Institutional Investors Weigh In On Ingles Markets

Several hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its position in Ingles Markets by 123.5% during the 4th quarter. BNP Paribas Financial Markets now owns 13,221 shares of the company’s stock worth $1,142,000 after buying an additional 7,306 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in Ingles Markets by 11.6% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 3,183 shares of the company’s stock worth $275,000 after buying an additional 330 shares during the period. Janney Montgomery Scott LLC boosted its position in Ingles Markets by 10.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 16,521 shares of the company’s stock worth $1,427,000 after buying an additional 1,514 shares during the period. Quadrant Capital Group LLC boosted 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 worth $63,000 after buying an additional 170 shares during the period. Finally, Beacon Pointe Advisors LLC acquired a new stake in Ingles Markets during the 4th quarter worth approximately $207,000. Institutional investors and hedge funds own 62.54% of the company’s stock.

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.