Ingles Markets (NASDAQ:IMKTA) Cut to “Hold” at BidaskClub

Ingles Markets (NASDAQ:IMKTA) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, BidAskClub reports.

A number of other research firms have also weighed in on IMKTA. Zacks Investment Research lowered shares of Ingles Markets from a “buy” rating to a “hold” rating in a research report on Wednesday, February 12th. ValuEngine lowered shares of Ingles Markets from a “hold” rating to a “sell” rating in a research report on Wednesday.

Ingles Markets stock opened at $35.81 on Friday. The firm has a market cap of $736.01 million, a price-to-earnings ratio of 9.40, a P/E/G ratio of 0.83 and a beta of 0.68. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.05 and a quick ratio of 0.47. Ingles Markets has a fifty-two week low of $25.57 and a fifty-two week high of $49.14. The firm has a fifty day moving average price of $37.11 and a two-hundred day moving average price of $41.24.

Ingles Markets (NASDAQ:IMKTA) last released its earnings results on Thursday, February 6th. The company reported $0.87 earnings per share for the quarter. The firm had revenue of $1.08 billion during the quarter. Ingles Markets had a net margin of 1.83% and a return on equity of 11.80%. As a group, sell-side analysts expect that Ingles Markets will post 4.3 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in IMKTA. First Trust Advisors LP lifted its position in Ingles Markets by 2.4% during the 1st quarter. First Trust Advisors LP now owns 26,086 shares of the company’s stock worth $720,000 after acquiring an additional 608 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Ingles Markets by 16.6% during the third quarter. California Public Employees Retirement System now owns 16,836 shares of the company’s stock valued at $654,000 after buying an additional 2,400 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Ingles Markets by 314.2% during the third quarter. Russell Investments Group Ltd. now owns 5,691 shares of the company’s stock valued at $221,000 after buying an additional 4,317 shares during the last quarter. State Street Corp raised its position in shares of Ingles Markets by 0.6% during the third quarter. State Street Corp now owns 380,968 shares of the company’s stock valued at $14,804,000 after buying an additional 2,208 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Ingles Markets by 1.3% during the third quarter. California State Teachers Retirement System now owns 22,047 shares of the company’s stock valued at $857,000 after buying an additional 293 shares during the last quarter. 66.10% of the stock is owned by hedge funds and other institutional investors.

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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