Ingles Markets (NASDAQ:IMKTA) Downgraded to Buy Rating by Wall Street Zen

Ingles Markets (NASDAQ:IMKTA) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Ingles Markets in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Ingles Markets currently has an average rating of “Hold”.

Ingles Markets Stock Performance

Shares of IMKTA stock opened at $94.04 on Friday. The business’s 50-day moving average price is $87.10 and its 200-day moving average price is $77.27. Ingles Markets has a 12 month low of $59.09 and a 12 month high of $95.62. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 18.77 and a beta of 0.65. The company has a current ratio of 3.36, a quick ratio of 1.69 and a debt-to-equity ratio of 0.30.

Ingles Markets (NASDAQ:IMKTA) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.48 EPS for the quarter. The firm had revenue of $1.37 billion for the quarter. Ingles Markets had a return on equity of 5.93% and a net margin of 1.76%.

Hedge Funds Weigh In On Ingles Markets

Several institutional investors have recently added to or reduced their stakes in IMKTA. Royal Bank of Canada lifted its stake in Ingles Markets by 15.4% in the first quarter. Royal Bank of Canada now owns 19,083 shares of the company’s stock valued at $1,243,000 after buying an additional 2,544 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Ingles Markets by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,617 shares of the company’s stock valued at $561,000 after purchasing an additional 385 shares during the period. Jane Street Group LLC raised its holdings in shares of Ingles Markets by 275.9% during the first quarter. Jane Street Group LLC now owns 30,644 shares of the company’s stock valued at $1,996,000 after purchasing an additional 22,492 shares during the period. Cetera Investment Advisers raised its holdings in shares of Ingles Markets by 17.3% during the second quarter. Cetera Investment Advisers now owns 4,351 shares of the company’s stock valued at $276,000 after purchasing an additional 641 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Ingles Markets by 19.2% during the second quarter. Russell Investments Group Ltd. now owns 3,155 shares of the company’s stock valued at $200,000 after purchasing an additional 509 shares during the period. 62.54% of the stock is owned by institutional investors and hedge funds.

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.