Ingles Markets (NASDAQ:IMKTA) Rating Increased to Strong-Buy at Wall Street Zen

Ingles Markets (NASDAQ:IMKTA) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Ingles Markets Stock Up 0.7%

Shares of IMKTA stock opened at $84.90 on Friday. The firm’s fifty day moving average price is $72.59 and its two-hundred day moving average price is $70.62. The company has a current ratio of 3.22, a quick ratio of 1.63 and a debt-to-equity ratio of 0.31. Ingles Markets has a 1 year low of $58.92 and a 1 year high of $85.53. The firm has a market capitalization of $1.61 billion, a P/E ratio of 16.95 and a beta of 0.77.

Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.48 EPS for the quarter. The company had revenue of $1.37 billion during the quarter. Ingles Markets had a return on equity of 5.97% and a net margin of 1.76%.

Institutional Investors Weigh In On Ingles Markets

Hedge funds have recently added to or reduced their stakes in the business. Brandes Investment Partners LP increased its position in Ingles Markets by 16.5% during the 2nd quarter. Brandes Investment Partners LP now owns 948,627 shares of the company’s stock valued at $60,124,000 after purchasing an additional 134,398 shares during the period. UBS Group AG increased its position in shares of Ingles Markets by 167.3% during the third quarter. UBS Group AG now owns 102,333 shares of the company’s stock worth $7,118,000 after buying an additional 64,049 shares during the period. Brandywine Global Investment Management LLC bought a new position in Ingles Markets during the second quarter worth $4,027,000. Gate City Capital Management LLC acquired a new position in Ingles Markets in the second quarter valued at $2,724,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Ingles Markets by 122.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 72,964 shares of the company’s stock valued at $4,819,000 after acquiring an additional 40,164 shares during the last quarter. 62.54% of the stock is currently 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.