Wall Street Zen Upgrades Ingles Markets (NASDAQ:IMKTA) to Buy

Ingles Markets (NASDAQ:IMKTA) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Ingles Markets in a research note on Tuesday, November 25th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold”.

Ingles Markets Stock Down 0.5%

IMKTA opened at $76.94 on Friday. Ingles Markets has a twelve month low of $58.92 and a twelve month high of $78.59. The company’s 50-day moving average price is $72.42 and its two-hundred day moving average price is $67.41. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 25.90 and a beta of 0.74. The company has a quick ratio of 1.53, a current ratio of 3.14 and a debt-to-equity ratio of 0.32.

Ingles Markets (NASDAQ:IMKTA) last posted its quarterly earnings results on Wednesday, November 26th. The company reported $1.35 EPS for the quarter. Ingles Markets had a net margin of 1.05% and a return on equity of 3.60%. The company had revenue of $1.37 billion for the quarter.

Institutional Trading of Ingles Markets

A number of hedge funds and other institutional investors have recently made changes to their positions in IMKTA. Envestnet Asset Management Inc. lifted its holdings in Ingles Markets by 19.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,745 shares of the company’s stock worth $570,000 after purchasing an additional 1,410 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Ingles Markets in the first quarter worth about $242,000. XTX Topco Ltd purchased a new stake in shares of Ingles Markets in the first quarter worth about $357,000. Factorial Partners LLC boosted its position in shares of Ingles Markets by 3.2% in the first quarter. Factorial Partners LLC now owns 31,996 shares of the company’s stock valued at $2,084,000 after acquiring an additional 1,000 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in Ingles Markets during the first quarter valued at approximately $404,000. 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.