Ingles Markets (NASDAQ:IMKTA) Reaches New 1-Year High at $38.61

Ingles Markets, Incorporated (NASDAQ:IMKTA) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $38.61 and last traded at $38.40, with a volume of 741 shares. The stock had previously closed at $37.01.

A number of research firms have issued reports on IMKTA. BidaskClub raised shares of Ingles Markets from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 10th. ValuEngine raised shares of Ingles Markets from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 9th. Finally, Zacks Investment Research raised shares of Ingles Markets from a “hold” rating to a “strong-buy” rating and set a $39.00 price target for the company in a report on Wednesday, August 14th.

The stock has a market cap of $729.53 million, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 0.64 and a beta of 0.46. The stock’s 50 day moving average price is $32.45 and its two-hundred day moving average price is $30.22. The company has a quick ratio of 0.47, a current ratio of 2.06 and a debt-to-equity ratio of 1.30.

In other news, Director Sharp Laura Ingle sold 5,000 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $31.06, for a total value of $155,300.00. Following the sale, the director now owns 15,000 shares in the company, valued at $465,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 29.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Ingles Markets by 6.0% during the second quarter. Vanguard Group Inc. now owns 1,053,931 shares of the company’s stock valued at $32,808,000 after buying an additional 59,330 shares during the period. Janus Henderson Group PLC grew its position in shares of Ingles Markets by 67.3% in the second quarter. Janus Henderson Group PLC now owns 887,453 shares of the company’s stock valued at $27,626,000 after purchasing an additional 356,987 shares during the period. Northern Trust Corp lifted its stake in shares of Ingles Markets by 0.7% in the second quarter. Northern Trust Corp now owns 273,112 shares of the company’s stock worth $8,502,000 after buying an additional 1,956 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Ingles Markets by 32.2% in the second quarter. Wells Fargo & Company MN now owns 202,623 shares of the company’s stock worth $6,308,000 after buying an additional 49,312 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Ingles Markets by 6.0% in the second quarter. Bank of New York Mellon Corp now owns 156,435 shares of the company’s stock worth $4,870,000 after buying an additional 8,850 shares in the last quarter. Institutional investors own 64.82% of the company’s stock.

Ingles Markets Company Profile (NASDAQ:IMKTA)

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. Its supermarkets offer various food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, such as fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.

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