Ingles Markets (NASDAQ:IMKTA) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Ingles Markets (NASDAQ:IMKTA) from a buy rating to a hold rating in a research report released on Tuesday.

Ingles Markets Stock Up 0.2 %

IMKTA stock opened at $68.33 on Tuesday. The stock has a market cap of $1.30 billion, a P/E ratio of 8.13 and a beta of 0.74. 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’s fifty day simple moving average is $67.94 and its two-hundred day simple moving average is $70.68. Ingles Markets has a 1-year low of $59.73 and a 1-year high of $89.59.

Ingles Markets Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Thursday, October 10th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $0.66 dividend on an annualized basis and a yield of 0.97%. Ingles Markets’s payout ratio is 7.86%.

Hedge Funds Weigh In On Ingles Markets

Large investors have recently modified their holdings of the company. CWM LLC grew its holdings in shares of Ingles Markets by 240.9% during the second quarter. CWM LLC now owns 433 shares of the company’s stock worth $30,000 after purchasing an additional 306 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Ingles Markets by 413.9% in the third quarter. GAMMA Investing LLC now owns 406 shares of the company’s stock worth $30,000 after purchasing an additional 327 shares during the last quarter. Franklin Resources Inc. grew its holdings in Ingles Markets by 5.8% in the 3rd quarter. Franklin Resources Inc. now owns 6,933 shares of the company’s stock worth $517,000 after acquiring an additional 378 shares during the last quarter. Sei Investments Co. increased its holdings in Ingles Markets by 12.1% during the 2nd quarter. Sei Investments Co. now owns 3,844 shares of the company’s stock valued at $264,000 after purchasing an additional 416 shares during the period. Finally, Inspire Investing LLC raised its position in Ingles Markets by 9.5% during the 2nd quarter. Inspire Investing LLC now owns 5,170 shares of the company’s stock valued at $355,000 after purchasing an additional 447 shares during the last quarter. 62.54% of the stock is currently owned by institutional investors.

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.