Ingles Markets (NASDAQ:IMKTA) Upgraded to Strong-Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a strong-buy rating in a report published on Wednesday morning, Zacks.com reports. They currently have $39.00 price objective on the stock.

According to Zacks, “Ingles Markets, Incorporated is a leading supermarket chain with operations in the southeastern United States. Ingles’ strategy is to locate its supermarkets primarily in suburban areas, small towns and rural communities, where management believes the market may be underserved by existing supermarkets. “

Other equities research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Ingles Markets from a strong sell rating to a sell rating in a research note on Tuesday, July 9th. BidaskClub raised shares of Ingles Markets from a buy rating to a strong-buy rating in a research report on Saturday, August 10th.

Shares of Ingles Markets stock opened at $35.29 on Wednesday. Ingles Markets has a 52-week low of $25.57 and a 52-week high of $37.65. The stock has a market capitalization of $686.17 million, a price-to-earnings ratio of 7.34, a price-to-earnings-growth ratio of 0.60 and a beta of 0.46. The company has a fifty day moving average of $31.97 and a 200-day moving average of $30.05. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.46 and a current ratio of 2.06.

In related news, Director Sharp Laura Ingle sold 5,000 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $31.06, for a total value of $155,300.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $465,900. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 29.50% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of Ingles Markets by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 271,037 shares of the company’s stock worth $7,377,000 after purchasing an additional 14,039 shares during the period. Bank of America Corp DE boosted its position in Ingles Markets by 35.2% in the fourth quarter. Bank of America Corp DE now owns 70,121 shares of the company’s stock valued at $1,908,000 after buying an additional 18,246 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Ingles Markets by 313.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,706 shares of the company’s stock valued at $128,000 after buying an additional 3,568 shares in the last quarter. Legal & General Group Plc boosted its position in Ingles Markets by 32.9% in the fourth 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 in the last quarter. Finally, Millennium Management LLC boosted its position in Ingles Markets by 139.8% in the fourth quarter. Millennium Management LLC now owns 63,455 shares of the company’s stock valued at $1,727,000 after buying an additional 36,990 shares in the last quarter. Institutional investors own 64.37% of the company’s stock.

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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