Zacks: Ingles Markets, Incorporated (IMKTA) Given $64.00 Average Price Target by Brokerages

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) have received a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Brokerages have set a 12 month consensus price objective of $64.00 for the company, according to Zacks. Zacks has also given Ingles Markets an industry rank of 38 out of 256 based on the ratings given to its competitors.

Several research firms have issued reports on IMKTA. BidaskClub upgraded Ingles Markets from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 30th. Zacks Investment Research upgraded Ingles Markets from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Wednesday, May 15th. TheStreet upgraded Ingles Markets from a “c+” rating to a “b-” rating in a research report on Friday, March 1st. Finally, ValuEngine downgraded Ingles Markets from a “sell” rating to a “strong sell” rating in a research report on Friday, March 15th.

NASDAQ:IMKTA opened at $30.01 on Wednesday. The firm has a market cap of $605.74 million, a price-to-earnings ratio of 8.19, a P/E/G ratio of 1.10 and a beta of 0.47. Ingles Markets has a 1 year low of $25.57 and a 1 year high of $37.65. The company has a current ratio of 1.94, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35.

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

In other Ingles Markets news, Director Sharp Laura Ingle sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $27.39, for a total transaction of $68,475.00. Following the sale, the director now owns 25,000 shares in the company, valued at $684,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 29.50% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Ingles Markets by 0.3% in the third quarter. Vanguard Group Inc. now owns 958,937 shares of the company’s stock worth $32,843,000 after buying an additional 2,649 shares in the last quarter. Capital Investment Advisory Services LLC bought a new position in Ingles Markets in the fourth quarter valued at $27,000. Victory Capital Management Inc. increased its stake in Ingles Markets by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 23,879 shares of the company’s stock valued at $650,000 after acquiring an additional 1,994 shares during the last quarter. BlackRock Inc. increased its stake in Ingles Markets by 4.4% in the fourth 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. Finally, O Shaughnessy Asset Management LLC increased its stake in Ingles Markets by 81.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,996 shares of the company’s stock valued at $327,000 after acquiring an additional 5,375 shares during the last quarter. Institutional investors own 62.58% 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.

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