Ingles Markets (NASDAQ:IMKTA) Downgraded to Hold Rating by StockNews.com

Ingles Markets (NASDAQ:IMKTA) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Ingles Markets Stock Performance

Ingles Markets stock traded up $0.15 during mid-day trading on Tuesday, hitting $68.33. 107,961 shares of the company’s stock traded hands, compared to its average volume of 102,389. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 8.13 and a beta of 0.74. 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 firm has a 50 day simple moving average of $67.94 and a two-hundred day simple moving average of $70.68. Ingles Markets has a fifty-two week low of $59.73 and a fifty-two week high of $89.59.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IMKTA. Brandes Investment Partners LP increased its holdings in Ingles Markets by 111.0% during the 2nd quarter. Brandes Investment Partners LP now owns 196,753 shares of the company’s stock worth $13,480,000 after purchasing an additional 103,507 shares in the last quarter. Systematic Financial Management LP grew its stake in Ingles Markets by 103.1% in the 2nd quarter. Systematic Financial Management LP now owns 181,564 shares of the company’s stock worth $12,457,000 after buying an additional 92,164 shares in the last quarter. River Road Asset Management LLC raised its holdings in shares of Ingles Markets by 7.1% during the 3rd quarter. River Road Asset Management LLC now owns 971,026 shares of the company’s stock valued at $72,439,000 after buying an additional 64,296 shares in the last quarter. American Century Companies Inc. grew its position in Ingles Markets by 9.5% during the 2nd quarter. American Century Companies Inc. now owns 369,184 shares of the company’s stock worth $25,330,000 after acquiring an additional 32,013 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Ingles Markets by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 405,558 shares of the company’s stock valued at $30,255,000 after buying an additional 31,027 shares during the last quarter. 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.