Zacks Investment Research upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. The brokerage currently has $34.00 target price on the stock.
According to Zacks, “Ingles Markets, Incorporated is a leading supermarket chain with operations in the southeastern United States. Ingles’ strategy is to locate its supermarkets primarily in suburban areas, small towns and rural communities, where management believes the market may be underserved by existing supermarkets. “
Several other research analysts have also issued reports on the stock. BidaskClub upgraded shares of Ingles Markets from a hold rating to a buy rating in a research report on Tuesday, May 14th. ValuEngine lowered shares of Ingles Markets from a sell rating to a strong sell rating in a research report on Friday, March 15th. Finally, TheStreet upgraded shares of Ingles Markets from a c+ rating to a b- rating in a research report on Friday, March 1st.
Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.74 earnings per share for the quarter. The firm had revenue of $1 billion for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 12.26%. As a group, sell-side analysts anticipate that Ingles Markets will post 3.4 earnings per share for the current year.
In other Ingles Markets news, Director Sharp Laura Ingle sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.39, for a total transaction of $68,475.00. Following the completion of the sale, the director now directly owns 25,000 shares in the company, valued at $684,750. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 29.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of IMKTA. Capital Investment Advisory Services LLC purchased a new stake in Ingles Markets during the fourth quarter valued at about $27,000. Investors Research Corp purchased a new stake in Ingles Markets during the first quarter valued at about $30,000. New York State Teachers Retirement System purchased a new stake in Ingles Markets during the fourth quarter valued at about $33,000. Bank of Montreal Can boosted its position in Ingles Markets by 50.3% during the fourth quarter. Bank of Montreal Can now owns 2,162 shares of the company’s stock valued at $58,000 after buying an additional 724 shares during the period. Finally, Legal & General Group Plc boosted its position in Ingles Markets by 32.9% during the fourth quarter. Legal & General Group Plc now owns 2,720 shares of the company’s stock valued at $74,000 after buying an additional 674 shares during the period. Institutional investors and hedge funds own 62.89% of the company’s stock.
About Ingles Markets
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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