BidaskClub Upgrades Ingles Markets (NASDAQ:IMKTA) to Buy

BidaskClub upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a report released on Saturday, BidAskClub reports.

Several other equities research analysts have also commented on the company. ValuEngine upgraded XCel Brands from a sell rating to a hold rating in a research note on Tuesday, July 9th. Zacks Investment Research lowered ExlService from a hold rating to a sell rating in a research report on Wednesday, July 10th.

NASDAQ:IMKTA opened at $32.52 on Friday. Ingles Markets has a 12 month low of $25.57 and a 12 month high of $37.65. The business’s 50 day moving average price is $31.26. The company has a current ratio of 1.94, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35. The stock has a market cap of $658.82 million, a price-to-earnings ratio of 6.76, a P/E/G ratio of 1.19 and a beta of 0.48.

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

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Thursday, July 11th will be given a $0.165 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.03%. Ingles Markets’s dividend payout ratio (DPR) is presently 13.72%.

In other news, Director Sharp Laura Ingle sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $31.06, for a total value of $155,300.00. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $465,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 29.30% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Investors Research Corp acquired a new position in Ingles Markets in the first quarter valued at approximately $30,000. Legal & General Group Plc lifted its holdings in Ingles Markets by 32.9% in the fourth quarter. Legal & General Group Plc now owns 2,720 shares of the company’s stock valued at $74,000 after acquiring an additional 674 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Ingles Markets by 49,133.3% in the first quarter. BNP Paribas Arbitrage SA now owns 2,954 shares of the company’s stock valued at $82,000 after acquiring an additional 2,948 shares during the last quarter. Carroll Financial Associates Inc. lifted its holdings in Ingles Markets by 33.3% in the first quarter. Carroll Financial Associates Inc. now owns 4,000 shares of the company’s stock valued at $110,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its stake in Ingles Markets by 313.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,706 shares of the company’s stock worth $128,000 after purchasing an additional 3,568 shares in the last quarter. Hedge funds and other institutional investors own 62.72% of the company’s stock.

Ingles Markets Company Profile

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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