Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) have been assigned 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 investment analyst has rated the stock with a strong buy recommendation.
Brokerages have set a twelve-month consensus price objective of $64.00 for the company, according to Zacks. Zacks has also assigned Ingles Markets an industry rank of 29 out of 256 based on the ratings given to related companies.
IMKTA has been the subject of several analyst reports. ValuEngine cut shares of Ingles Markets from a “sell” rating to a “strong sell” rating in a research note on Friday, March 15th. BidaskClub raised shares of Ingles Markets from a “sell” rating to a “hold” rating in a report on Thursday, April 18th. TheStreet raised shares of Ingles Markets from a “c+” rating to a “b-” rating in a report on Friday, March 1st. Finally, Zacks Investment Research raised shares of Ingles Markets from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Wednesday, May 15th.
In related news, Director Sharp Laura Ingle sold 5,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $32.01, for a total value of $160,050.00. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at approximately $640,200. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 29.30% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of IMKTA. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Ingles Markets during the fourth quarter worth about $1,636,000. BlackRock Inc. increased its stake in shares of Ingles Markets by 4.4% during the fourth quarter. BlackRock Inc. now owns 1,103,946 shares of the company’s stock worth $30,050,000 after buying an additional 46,530 shares during the period. Intrepid Capital Management Inc. purchased a new stake in shares of Ingles Markets during the first quarter worth approximately $1,023,000. Millennium Management LLC increased its stake in shares of Ingles Markets by 139.8% during the fourth quarter. Millennium Management LLC now owns 63,455 shares of the company’s stock worth $1,727,000 after buying an additional 36,990 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Ingles Markets by 291.5% during the first quarter. Acadian Asset Management LLC now owns 27,442 shares of the company’s stock worth $757,000 after buying an additional 20,433 shares during the period. 62.58% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ IMKTA traded up $0.27 on Thursday, hitting $31.13. 510 shares of the company’s stock traded hands, compared to its average volume of 64,637. The company has a quick ratio of 0.46, a current ratio of 1.94 and a debt-to-equity ratio of 1.35. The stock’s 50-day moving average price is $30.58. Ingles Markets has a 1-year low of $25.57 and a 1-year high of $37.65. The firm has a market cap of $639.78 million, a price-to-earnings ratio of 6.41, a PEG ratio of 1.16 and a beta of 0.47.
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. Ingles Markets had a net margin of 1.93% and a return on equity of 12.26%. The firm had revenue of $1 billion during the quarter. As a group, equities research analysts forecast that Ingles Markets will post 3.4 EPS for the current year.
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.
Featured Story: What is Forex?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ingles Markets Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingles Markets and related companies with MarketBeat.com's FREE daily email newsletter.