Ingles Markets (NASDAQ:IMKTA) Announces Quarterly Earnings Results

Ingles Markets (NASDAQ:IMKTA) announced its earnings results on Thursday. The company reported $1.36 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $1.37 billion during the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 6.41%.

Ingles Markets Trading Down 1.3%

IMKTA stock traded down $1.14 during mid-day trading on Thursday, reaching $86.71. 169,656 shares of the stock traded hands, compared to its average volume of 118,636. Ingles Markets has a 52-week low of $60.07 and a 52-week high of $95.62. The stock’s fifty day moving average is $89.70 and its 200-day moving average is $87.27. The company has a market cap of $1.65 billion, a P/E ratio of 15.79 and a beta of 0.60. 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 Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on IMKTA shares. Wall Street Zen lowered Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Insider Activity

In other news, Director Dwight L. Jacobs purchased 500 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the acquisition, the director directly owned 500 shares of the company’s stock, valued at $44,035. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 22.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ingles Markets

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMKTA. Versant Capital Management Inc raised its stake in Ingles Markets by 1,021.4% during the 2nd quarter. Versant Capital Management Inc now owns 314 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Bank of America Corp DE raised its position in Ingles Markets by 22.0% during the first quarter. Bank of America Corp DE now owns 52,571 shares of the company’s stock valued at $4,726,000 after buying an additional 9,480 shares during the period. Royal Bank of Canada lifted its stake in Ingles Markets by 103.5% in the 1st quarter. Royal Bank of Canada now owns 12,035 shares of the company’s stock worth $1,082,000 after acquiring an additional 6,122 shares in the last quarter. Empowered Funds LLC boosted its position in Ingles Markets by 78.7% during the 1st quarter. Empowered Funds LLC now owns 111,548 shares of the company’s stock worth $10,027,000 after acquiring an additional 49,115 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Ingles Markets by 42.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 6,240 shares of the company’s stock worth $561,000 after acquiring an additional 1,871 shares during the period. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

Ingles Markets Company Profile

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.