Ingles Markets (NASDAQ:IMKTA) Reaches New 12-Month Low at $66.78

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $66.78 and last traded at $66.79, with a volume of 116987 shares trading hands. The stock had previously closed at $69.31.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 21st.

Ingles Markets Price Performance

The company has a market cap of $1.26 billion, a price-to-earnings ratio of 7.43 and a beta of 0.70. The company has a quick ratio of 1.49, a current ratio of 2.99 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average price is $73.87 and its two-hundred day moving average price is $73.08.

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

Ingles Markets Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 17th. Investors of record on Thursday, October 10th will be issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, October 10th. Ingles Markets’s payout ratio is 7.12%.

Institutional Investors Weigh In On Ingles Markets

A number of institutional investors and hedge funds have recently modified their holdings of the company. Gamco Investors INC. ET AL grew its stake in Ingles Markets by 1.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 550,595 shares of the company’s stock valued at $42,220,000 after buying an additional 6,475 shares during the last quarter. Gabelli Funds LLC grew its position in shares of Ingles Markets by 0.3% in the second quarter. Gabelli Funds LLC now owns 376,100 shares of the company’s stock valued at $25,804,000 after purchasing an additional 1,000 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Ingles Markets by 9.5% during the second quarter. American Century Companies Inc. now owns 369,184 shares of the company’s stock worth $25,330,000 after purchasing an additional 32,013 shares during the period. Bridgeway Capital Management LLC boosted its stake in Ingles Markets by 2.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 231,074 shares of the company’s stock valued at $17,719,000 after purchasing an additional 5,950 shares during the period. Finally, Brandes Investment Partners LP grew its holdings in Ingles Markets by 111.0% in the 2nd quarter. Brandes Investment Partners LP now owns 196,753 shares of the company’s stock valued at $13,480,000 after buying an additional 103,507 shares in the last quarter. 62.54% of the stock is owned by 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.