Ingles Markets, Incorporated (NASDAQ:IMKTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

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 downgraded shares of Ingles Markets, from a “b” rating to a “c+” rating in a report on Thursday, June 15th.

Ingles Markets, (NASDAQ IMKTA) traded down 6.72% during midday trading on Tuesday, hitting $27.05. 150,309 shares of the stock traded hands. The company’s 50 day moving average is $30.99 and its 200-day moving average is $40.28. The company has a market cap of $548.01 million, a P/E ratio of 10.11 and a beta of 0.60. Ingles Markets, has a one year low of $26.90 and a one year high of $52.40.

Ingles Markets, (NASDAQ:IMKTA) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $0.57 earnings per share (EPS) for the quarter. Ingles Markets, had a net margin of 1.26% and a return on equity of 10.08%. The company had revenue of $984.40 million for the quarter. On average, equities research analysts forecast that Ingles Markets, will post $2.75 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Ingles Markets, by 1.2% in the fourth quarter. State Street Corp now owns 303,597 shares of the company’s stock valued at $14,602,000 after buying an additional 3,471 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Ingles Markets, during the fourth quarter valued at about $592,000. Teachers Advisors LLC increased its stake in shares of Ingles Markets, by 11.7% in the fourth quarter. Teachers Advisors LLC now owns 23,828 shares of the company’s stock valued at $1,146,000 after buying an additional 2,496 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Ingles Markets, during the fourth quarter valued at about $527,000. Finally, River Road Asset Management LLC increased its stake in shares of Ingles Markets, by 10.1% in the first quarter. River Road Asset Management LLC now owns 1,125,418 shares of the company’s stock valued at $48,562,000 after buying an additional 103,181 shares during the period. 58.97% of the stock is currently owned by institutional investors.

About Ingles Markets,

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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