Ingles Markets, Incorporated (IMKTA) Upgraded at Zacks Investment Research
Ingles Markets, Incorporated (NASDAQ:IMKTA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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 lowered shares of Ingles Markets, from a “b” rating to a “c+” rating in a research report on Thursday, June 15th.
Shares of Ingles Markets, (NASDAQ IMKTA) traded up 1.53% on Wednesday, reaching $26.55. 92,730 shares of the company’s stock traded hands. The firm has a market capitalization of $537.88 million, a P/E ratio of 11.06 and a beta of 0.69. The company’s 50-day moving average is $24.18 and its 200-day moving average is $33.79. Ingles Markets, has a 52 week low of $20.75 and a 52 week high of $52.40.
Ingles Markets, (NASDAQ:IMKTA) last announced its 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 business had revenue of $984.40 million for the quarter. Equities research analysts anticipate that Ingles Markets, will post $2.75 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: “Ingles Markets, Incorporated (IMKTA) Upgraded at Zacks Investment Research” was reported by American Banking News and is the property of of American Banking News. If you are reading this story on another publication, it was stolen and republished in violation of international copyright legislation. The correct version of this story can be viewed at https://www.americanbankingnews.com/2017/10/04/ingles-markets-incorporated-imkta-upgraded-at-zacks-investment-research.html.
In related news, Director Sharp Laura Ingle sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $24.97, for a total transaction of $124,850.00. Following the transaction, the director now owns 2,500 shares of the company’s stock, valued at $62,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Algert Global LLC increased its holdings in Ingles Markets, by 1.1% in the 2nd quarter. Algert Global LLC now owns 18,509 shares of the company’s stock valued at $616,000 after buying an additional 202 shares during the period. PNC Financial Services Group Inc. increased its holdings in Ingles Markets, by 13.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,002 shares of the company’s stock valued at $129,000 after buying an additional 346 shares during the period. FCA Corp TX increased its holdings in Ingles Markets, by 0.5% in the 2nd quarter. FCA Corp TX now owns 86,587 shares of the company’s stock valued at $2,883,000 after buying an additional 409 shares during the period. Rhumbline Advisers increased its holdings in Ingles Markets, by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 17,867 shares of the company’s stock valued at $595,000 after buying an additional 450 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Ingles Markets, by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,648 shares of the company’s stock valued at $388,000 after buying an additional 450 shares during the period. 58.94% of the stock is currently owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ingles Markets Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingles Markets Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.