Gate City Capital Management LLC Buys 11,516 Shares of Ingles Markets, Incorporated $IMKTA

Gate City Capital Management LLC grew its stake in Ingles Markets, Incorporated (NASDAQ:IMKTA) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 207,561 shares of the company’s stock after purchasing an additional 11,516 shares during the quarter. Ingles Markets makes up approximately 6.2% of Gate City Capital Management LLC’s holdings, making the stock its 6th biggest holding. Gate City Capital Management LLC owned about 1.09% of Ingles Markets worth $14,228,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. &PARTNERS raised its stake in shares of Ingles Markets by 6.4% in the 4th quarter. &PARTNERS now owns 4,785 shares of the company’s stock valued at $328,000 after purchasing an additional 287 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Ingles Markets by 155.6% in the 4th quarter. Royal Bank of Canada now owns 5,913 shares of the company’s stock valued at $405,000 after purchasing an additional 3,600 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Ingles Markets in the 4th quarter valued at about $261,000. Bragg Financial Advisors Inc raised its stake in shares of Ingles Markets by 22.7% in the 4th quarter. Bragg Financial Advisors Inc now owns 372,210 shares of the company’s stock valued at $25,515,000 after purchasing an additional 68,909 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Ingles Markets by 8.9% in the 4th quarter. State Street Corp now owns 400,759 shares of the company’s stock valued at $27,472,000 after purchasing an additional 32,834 shares in the last quarter. Institutional investors and hedge funds own 62.54% of the company’s stock.

Insider Activity at Ingles Markets

In other news, Director Dwight L. Jacobs purchased 500 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the purchase, the director owned 500 shares of the company’s stock, valued at $44,035. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 22.80% of the company’s stock.

Analysts Set New Price Targets

IMKTA has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings lowered shares of Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Ingles Markets currently has an average rating of “Hold”.

Ingles Markets Price Performance

IMKTA opened at $88.51 on Wednesday. The company’s 50-day moving average price is $89.45 and its 200 day moving average price is $82.62. Ingles Markets, Incorporated has a fifty-two week low of $59.27 and a fifty-two week high of $95.62. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 16.12 and a beta of 0.60. The company has a quick ratio of 1.77, a current ratio of 3.34 and a debt-to-equity ratio of 0.29.

Ingles Markets (NASDAQ:IMKTA) last announced its quarterly earnings results on Thursday, May 7th. The company reported $1.28 EPS for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 6.41%. The company had revenue of $1.31 billion for the quarter.

Ingles Markets Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 16th. Shareholders of record on Thursday, April 9th were paid a $0.165 dividend. The ex-dividend date was Thursday, April 9th. This represents a $0.66 annualized dividend and a dividend yield of 0.7%. Ingles Markets’s dividend payout ratio (DPR) is presently 12.02%.

Ingles Markets Company Profile

Ingles Markets, Inc (NASDAQ: IMKTA) is a family‐owned regional supermarket chain headquartered in Asheville, North Carolina. Since its founding in 1963 by Robert P. Ingle Sr., the company has grown to serve communities across the southeastern United States, including North Carolina, South Carolina, Georgia, Tennessee, Virginia and Alabama. Ingles Markets operates a full-service grocery platform, delivering a broad assortment of fresh produce, meat and seafood, bakery items, deli offerings and dairy products alongside pantry staples and household essentials.

In addition to traditional grocery departments, Ingles Markets provides in-store pharmacy services and fuel centers at many of its locations.