BidaskClub upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a research note issued to investors on Tuesday, March 6th.
Several other research firms also recently weighed in on IMKTA. TheStreet raised shares of Ingles Markets from a c+ rating to a b- rating in a report on Tuesday, December 26th. Zacks Investment Research raised shares of Ingles Markets from a hold rating to a buy rating and set a $34.00 price target for the company in a report on Wednesday, February 14th.
Shares of IMKTA stock traded down $0.55 during midday trading on Tuesday, hitting $33.25. 105,538 shares of the stock were exchanged, compared to its average volume of 111,214. The company has a current ratio of 1.81, a quick ratio of 0.37 and a debt-to-equity ratio of 1.59. Ingles Markets has a 1-year low of $20.75 and a 1-year high of $47.95. The stock has a market capitalization of $676.65, a P/E ratio of 7.90, a PEG ratio of 3.54 and a beta of 0.63.
Ingles Markets (NASDAQ:IMKTA) last announced its quarterly earnings results on Friday, February 9th. The company reported $2.23 earnings per share for the quarter. Ingles Markets had a net margin of 2.11% and a return on equity of 16.66%. The firm had revenue of $1.01 billion for the quarter. analysts expect that Ingles Markets will post 2.95 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC bought a new stake in shares of Ingles Markets in the fourth quarter valued at approximately $214,000. Raymond James & Associates acquired a new position in Ingles Markets during the fourth quarter worth $251,000. Virginia Retirement Systems ET AL raised its stake in Ingles Markets by 42.0% during the third quarter. Virginia Retirement Systems ET AL now owns 9,800 shares of the company’s stock worth $252,000 after acquiring an additional 2,900 shares in the last quarter. Voya Investment Management LLC raised its stake in Ingles Markets by 11.7% during the second quarter. Voya Investment Management LLC now owns 8,252 shares of the company’s stock worth $275,000 after acquiring an additional 864 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Ingles Markets by 71.9% in the third quarter. Wedge Capital Management L L P NC now owns 10,804 shares of the company’s stock valued at $278,000 after buying an additional 4,519 shares in the last quarter. Hedge funds and other institutional investors own 60.03% of the company’s stock.
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About Ingles Markets
Ingles Markets, Incorporated (Ingles) is a supermarket chain in the southeast United States. The Company’s segments include retail grocery and other. Its other segment consists of fluid dairy operations and shopping center rentals. As of September 24, 2016, the Company operated 201 supermarkets in Georgia, North Carolina, South Carolina, Tennessee, Virginia and Alabama.
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