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

Ingles Markets (NASDAQ:IMKTA) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

Ingles Markets Stock Performance

Shares of IMKTA opened at $64.44 on Monday. 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 firm’s 50 day moving average is $68.67 and its 200-day moving average is $70.32. Ingles Markets has a 12-month low of $59.73 and a 12-month high of $89.59. The stock has a market capitalization of $1.22 billion, a P/E ratio of 7.67 and a beta of 0.74.

Ingles Markets (NASDAQ:IMKTA) last issued its earnings results on Friday, December 27th. The company reported ($0.08) earnings per share (EPS) 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

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