Insider Buying: Ingles Markets (NASDAQ:IMKTA) Director Purchases 500 Shares of Stock

Ingles Markets, Incorporated (NASDAQ:IMKTA) Director Dwight Jacobs acquired 500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average cost of $88.07 per share, with a total value of $44,035.00. Following the acquisition, the director owned 500 shares of the company’s stock, valued at $44,035. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Ingles Markets Stock Performance

Ingles Markets stock traded up $0.85 during mid-day trading on Thursday, reaching $87.36. The company’s stock had a trading volume of 184,504 shares, compared to its average volume of 137,717. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 15.91 and a beta of 0.62. The business has a 50 day moving average price of $88.54 and a 200-day moving average price of $80.50. The company has a current ratio of 3.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.29. Ingles Markets, Incorporated has a twelve month low of $59.09 and a twelve month high of $95.62.

Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.28 EPS for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 6.41%. The firm had revenue of $1.31 billion during the quarter.

Ingles Markets Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Thursday, April 9th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. Ingles Markets’s payout ratio is 12.02%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IMKTA shares. Weiss Ratings raised shares of Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, May 14th. Wall Street Zen downgraded shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy”.

Institutional Investors Weigh In On Ingles Markets

Several institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its holdings in Ingles Markets by 22.0% in the first quarter. Bank of America Corp DE now owns 52,571 shares of the company’s stock worth $4,726,000 after purchasing an additional 9,480 shares during the period. Royal Bank of Canada lifted its holdings in Ingles Markets by 103.5% in the first quarter. Royal Bank of Canada now owns 12,035 shares of the company’s stock worth $1,082,000 after purchasing an additional 6,122 shares during the period. Empowered Funds LLC lifted its holdings in Ingles Markets by 78.7% in the first quarter. Empowered Funds LLC now owns 111,548 shares of the company’s stock worth $10,027,000 after purchasing an additional 49,115 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Ingles Markets by 42.8% in the first quarter. The Manufacturers Life Insurance Company now owns 6,240 shares of the company’s stock worth $561,000 after purchasing an additional 1,871 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Ingles Markets by 8.6% in the first quarter. Quantinno Capital Management LP now owns 16,070 shares of the company’s stock worth $1,445,000 after purchasing an additional 1,268 shares during the period. Institutional investors and hedge funds own 62.54% of the company’s stock.

About Ingles Markets

Ingles Markets, Inc (NASDAQ: IMKTA) is a family‐owned regional supermarket chain headquartered in Asheville, North Carolina. Since its founding in 1963 by Robert P. Ingle Sr., the company has grown to serve communities across the southeastern United States, including North Carolina, South Carolina, Georgia, Tennessee, Virginia and Alabama. Ingles Markets operates a full-service grocery platform, delivering a broad assortment of fresh produce, meat and seafood, bakery items, deli offerings and dairy products alongside pantry staples and household essentials.

In addition to traditional grocery departments, Ingles Markets provides in-store pharmacy services and fuel centers at many of its locations.