Ingles Markets, Incorporated (NASDAQ:IMKTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, August 8th.
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. “
Separately, TheStreet cut shares of Ingles Markets, from a “b” rating to a “c+” rating in a research note on Thursday, June 15th.
Ingles Markets, (NASDAQ:IMKTA) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.57 earnings per share for the quarter. Ingles Markets, had a net margin of 1.26% and a return on equity of 10.08%. The business had revenue of $984.40 million during the quarter. On average, equities analysts expect that Ingles Markets, will post $2.75 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in IMKTA. Captrust Financial Advisors bought a new position in shares of Ingles Markets, during the second quarter worth about $100,000. Victory Capital Management Inc. raised its position in shares of Ingles Markets, by 17.7% in the second quarter. Victory Capital Management Inc. now owns 3,805 shares of the company’s stock worth $127,000 after buying an additional 572 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Ingles Markets, by 13.0% in the first quarter. PNC Financial Services Group Inc. now owns 3,002 shares of the company’s stock worth $129,000 after buying an additional 346 shares during the period. Citigroup Inc. raised its position in shares of Ingles Markets, by 353.3% in the second quarter. Citigroup Inc. now owns 4,161 shares of the company’s stock worth $138,000 after buying an additional 3,243 shares during the period. Finally, Wedge Capital Management L L P NC bought a new position in shares of Ingles Markets, during the second quarter worth about $209,000. 58.66% of the stock is currently owned by institutional investors and hedge funds.
Ingles Markets, Company Profile
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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