Gabelli Funds LLC Boosts Position in Ingles Markets, Incorporated (NASDAQ:IMKTA)

Gabelli Funds LLC raised its stake in Ingles Markets, Incorporated (NASDAQ:IMKTA) by 0.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 376,100 shares of the company’s stock after buying an additional 1,000 shares during the period. Gabelli Funds LLC owned about 1.98% of Ingles Markets worth $25,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Quadrature Capital Ltd purchased a new position in shares of Ingles Markets during the fourth quarter valued at $1,574,000. Empowered Funds LLC lifted its position in shares of Ingles Markets by 11.2% in the 1st quarter. Empowered Funds LLC now owns 107,622 shares of the company’s stock worth $8,252,000 after purchasing an additional 10,842 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Ingles Markets by 69.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 41,219 shares of the company’s stock valued at $3,161,000 after purchasing an additional 16,877 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in Ingles Markets by 3.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 225,124 shares of the company’s stock valued at $19,444,000 after buying an additional 6,528 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in Ingles Markets by 4.4% during the first quarter. Janney Montgomery Scott LLC now owns 17,252 shares of the company’s stock valued at $1,323,000 after buying an additional 731 shares during the period. 62.54% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com cut Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday.

Ingles Markets Price Performance

IMKTA opened at $73.04 on Monday. The firm has a market capitalization of $1.39 billion, a PE ratio of 7.88 and a beta of 0.70. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.99 and a quick ratio of 1.49. The business’s 50-day moving average is $74.26 and its two-hundred day moving average is $73.19. Ingles Markets, Incorporated has a 1 year low of $67.10 and a 1 year high of $89.59.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.67 earnings per share (EPS) for the quarter. Ingles Markets had a net margin of 2.74% and a return on equity of 10.58%. The firm had revenue of $1.39 billion for the quarter.

Ingles Markets Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Thursday, July 11th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Thursday, July 11th. Ingles Markets’s payout ratio is presently 7.12%.

Insider Activity

In other Ingles Markets news, Director Sharp Laura Ingle sold 5,901 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $68.02, for a total value of $401,386.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 23.10% of the company’s stock.

About Ingles Markets

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.