Summit Global Investments Cuts Position in Ingles Markets, Incorporated (NASDAQ:IMKTA)

Summit Global Investments reduced its stake in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) by 35.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,550 shares of the company’s stock after selling 7,885 shares during the period. Summit Global Investments’ holdings in Ingles Markets were worth $1,257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of Ingles Markets by 1.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 130,223 shares of the company’s stock worth $9,810,000 after buying an additional 2,064 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ingles Markets by 51.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,540 shares of the company’s stock worth $191,000 after acquiring an additional 863 shares during the last quarter. Mackenzie Financial Corp grew its stake in Ingles Markets by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 3,801 shares of the company’s stock worth $293,000 after acquiring an additional 1,210 shares during the period. Inspire Advisors LLC raised its holdings in Ingles Markets by 19.2% in the 3rd quarter. Inspire Advisors LLC now owns 12,014 shares of the company’s stock valued at $905,000 after acquiring an additional 1,937 shares during the last quarter. Finally, Inspire Investing LLC lifted its stake in shares of Ingles Markets by 136.3% during the 3rd quarter. Inspire Investing LLC now owns 8,016 shares of the company’s stock worth $604,000 after purchasing an additional 4,623 shares during the period. 62.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com downgraded shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 9th. TheStreet cut shares of Ingles Markets from a “b” rating to a “c+” rating in a research report on Monday, February 26th.

Insider Transactions at Ingles Markets

In other Ingles Markets news, Director Sharp Laura Ingle sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $75.00, for a total value of $150,000.00. Following the transaction, the director now directly owns 28,700 shares of the company’s stock, valued at approximately $2,152,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 8,000 shares of company stock valued at $607,000. 23.10% of the stock is currently owned by insiders.

Ingles Markets Stock Down 0.6 %

Shares of NASDAQ:IMKTA traded down $0.40 during mid-day trading on Friday, hitting $72.30. 80,574 shares of the company traded hands, compared to its average volume of 73,931. The firm’s 50 day simple moving average is $74.73 and its 200 day simple moving average is $79.73. The firm has a market cap of $1.37 billion, a P/E ratio of 7.44 and a beta of 0.62. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.45 and a current ratio of 3.22. Ingles Markets, Incorporated has a 52-week low of $71.70 and a 52-week high of $90.52.

Ingles Markets (NASDAQ:IMKTA) last posted its quarterly earnings data on Thursday, February 8th. The company reported $2.28 earnings per share (EPS) for the quarter. The company had revenue of $1.48 billion for the quarter. Ingles Markets had a net margin of 3.14% and a return on equity of 12.92%.

Ingles Markets Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Thursday, April 11th were paid a dividend of $0.165 per share. The ex-dividend date was Wednesday, April 10th. This represents a $0.66 annualized dividend and a dividend yield of 0.91%. Ingles Markets’s dividend payout ratio is presently 6.79%.

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.