Ingles Markets (NASDAQ:IMKTA) Reaches New 52-Week Low at $72.72

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) reached a new 52-week low on Tuesday . The stock traded as low as $72.72 and last traded at $73.27, with a volume of 60504 shares trading hands. The stock had previously closed at $73.34.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. StockNews.com downgraded shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 9th. TheStreet cut Ingles Markets from a “b” rating to a “c+” rating in a research report on Monday, February 26th.

Ingles Markets Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 3.22 and a quick ratio of 1.45. The company has a 50 day moving average price of $75.71 and a 200 day moving average price of $80.18. The firm has a market cap of $1.39 billion, a PE ratio of 7.52 and a beta of 0.60.

Ingles Markets (NASDAQ:IMKTA) last released its earnings results on Thursday, February 8th. The company reported $2.28 EPS for the quarter. Ingles Markets had a net margin of 3.14% and a return on equity of 12.92%. The company had revenue of $1.48 billion during the quarter.

Ingles Markets Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Thursday, April 11th will be issued a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, April 10th. This represents a $0.66 annualized dividend and a dividend yield of 0.90%. Ingles Markets’s dividend payout ratio is currently 6.79%.

Insiders Place Their Bets

In related news, Director Sharp Laura Ingle sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $76.00, for a total value of $152,000.00. Following the completion of the transaction, the director now directly owns 24,700 shares of the company’s stock, valued at approximately $1,877,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 8,000 shares of company stock worth $607,000. 23.10% of the stock is owned by corporate insiders.

Institutional Trading of Ingles Markets

Several large investors have recently modified their holdings of the business. Advisor Group Holdings Inc. boosted its stake in shares of Ingles Markets by 16.2% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,852 shares of the company’s stock worth $166,000 after purchasing an additional 258 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Ingles Markets by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 128,661 shares of the company’s stock valued at $11,456,000 after buying an additional 2,344 shares during the period. US Bancorp DE increased its holdings in shares of Ingles Markets by 13.3% during the 1st quarter. US Bancorp DE now owns 3,093 shares of the company’s stock worth $275,000 after buying an additional 362 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Ingles Markets by 278.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,930 shares of the company’s stock worth $171,000 after buying an additional 1,420 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Ingles Markets by 58.0% in the first quarter. MetLife Investment Management LLC now owns 7,760 shares of the company’s stock valued at $691,000 after acquiring an additional 2,849 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, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.