Ingles Markets (NASDAQ:IMKTA) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a research note issued to investors on Monday.

Ingles Markets Stock Performance

Shares of NASDAQ IMKTA opened at $63.71 on Monday. The company has a 50-day simple moving average of $68.65 and a 200-day simple moving average of $70.35. 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 company has a market cap of $1.21 billion, a PE ratio of 7.58 and a beta of 0.74. Ingles Markets has a 12 month low of $59.73 and a 12 month high of $89.59.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings results on Friday, December 27th. The company reported ($0.08) earnings per share for the quarter. Ingles Markets had a net margin of 2.74% and a return on equity of 10.58%.

Hedge Funds Weigh In On Ingles Markets

Several institutional investors and hedge funds have recently bought and sold shares of IMKTA. JPMorgan Chase & Co. raised its holdings in shares of Ingles Markets by 49.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 54,652 shares of the company’s stock worth $4,077,000 after purchasing an additional 18,141 shares during the period. DGS Capital Management LLC lifted its position in Ingles Markets by 20.9% during the third quarter. DGS Capital Management LLC now owns 21,977 shares of the company’s stock valued at $1,640,000 after buying an additional 3,802 shares in the last quarter. Franklin Resources Inc. grew its stake in Ingles Markets by 5.8% during the third quarter. Franklin Resources Inc. now owns 6,933 shares of the company’s stock worth $517,000 after buying an additional 378 shares during the period. Sanctuary Advisors LLC increased its position in shares of Ingles Markets by 25.5% in the third quarter. Sanctuary Advisors LLC now owns 11,064 shares of the company’s stock worth $799,000 after acquiring an additional 2,247 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Ingles Markets in the 3rd quarter valued at $318,000. Institutional investors and hedge funds own 62.54% 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.