Ingles Markets (NASDAQ:IMKTA) Raised to “Buy” at BidaskClub

BidaskClub upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a report issued on Saturday, BidAskClub reports.

Several other equities analysts have also commented on the stock. ValuEngine raised shares of XCel Brands from a sell rating to a hold rating in a research report on Tuesday, July 9th. Zacks Investment Research lowered shares of ExlService from a hold rating to a sell rating in a research report on Wednesday, July 10th.

Shares of IMKTA stock opened at $32.29 on Friday. Ingles Markets has a one year low of $25.57 and a one year high of $37.65. The company has a quick ratio of 0.46, a current ratio of 1.94 and a debt-to-equity ratio of 1.35. The stock’s 50 day moving average is $31.23. The firm has a market capitalization of $654.16 million, a price-to-earnings ratio of 6.71, a price-to-earnings-growth ratio of 1.19 and a beta of 0.48.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.74 EPS for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 12.26%. The firm had revenue of $1 billion during the quarter. Sell-side analysts anticipate that Ingles Markets will post 3.4 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Thursday, July 11th will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Wednesday, July 10th. Ingles Markets’s payout ratio is currently 13.72%.

In other news, Director Sharp Laura Ingle sold 5,000 shares of the stock in a transaction on 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 sale, the director now owns 15,000 shares of the company’s stock, valued at $465,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 29.30% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in IMKTA. Municipal Employees Retirement System of Michigan bought a new position in Ingles Markets during the 4th quarter valued at $1,636,000. BlackRock Inc. boosted its stake in Ingles Markets by 4.4% during the 4th quarter. BlackRock Inc. now owns 1,103,946 shares of the company’s stock valued at $30,050,000 after acquiring an additional 46,530 shares during the last quarter. Intrepid Capital Management Inc. bought a new position in Ingles Markets during the 1st quarter valued at $1,023,000. Millennium Management LLC boosted its stake in Ingles Markets by 139.8% during the 4th quarter. Millennium Management LLC now owns 63,455 shares of the company’s stock valued at $1,727,000 after acquiring an additional 36,990 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Ingles Markets by 291.5% during the 1st quarter. Acadian Asset Management LLC now owns 27,442 shares of the company’s stock valued at $757,000 after acquiring an additional 20,433 shares during the last quarter. Institutional investors and hedge funds own 62.72% of the company’s stock.

About Ingles Markets

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.

See Also: Dividend Yield

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