Ingles Markets (NASDAQ:IMKTA) Trading Down 6.8%

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) were down 6.8% on Tuesday . The company traded as low as $69.52 and last traded at $69.52. Approximately 145,116 shares were traded during trading, an increase of 67% from the average daily volume of 87,046 shares. The stock had previously closed at $74.60.

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, September 21st.

Ingles Markets Trading Down 7.1 %

The company has a current ratio of 2.99, a quick ratio of 1.49 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $74.03 and a 200-day simple moving average of $73.12. The firm has a market cap of $1.32 billion, a P/E ratio of 7.73 and a beta of 0.70.

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

Institutional Investors Weigh In On Ingles Markets

Hedge funds have recently made changes to their positions in the company. Baker Ellis Asset Management LLC lifted its stake in shares of Ingles Markets by 0.3% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 55,641 shares of the company’s stock worth $3,818,000 after purchasing an additional 181 shares during the last quarter. CWM LLC raised its stake in Ingles Markets by 240.9% in the second quarter. CWM LLC now owns 433 shares of the company’s stock valued at $30,000 after buying an additional 306 shares during the last quarter. Sei Investments Co. raised its stake in Ingles Markets by 12.1% in the second quarter. Sei Investments Co. now owns 3,844 shares of the company’s stock valued at $264,000 after buying an additional 416 shares during the last quarter. Inspire Investing LLC raised its stake in Ingles Markets by 9.5% in the second quarter. Inspire Investing LLC now owns 5,170 shares of the company’s stock valued at $355,000 after buying an additional 447 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Ingles Markets by 18.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,116 shares of the company’s stock valued at $214,000 after buying an additional 484 shares during the last quarter. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

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.