Summer Road LLC Has $38.98 Million Stake in Ingles Markets, Incorporated $IMKTA

Summer Road LLC boosted its holdings in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) by 17,247.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 433,678 shares of the company’s stock after buying an additional 431,178 shares during the quarter. Ingles Markets makes up approximately 27.4% of Summer Road LLC’s investment portfolio, making the stock its 2nd largest position. Summer Road LLC owned approximately 2.28% of Ingles Markets worth $38,983,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in IMKTA. Royal Bank of Canada lifted its holdings in Ingles Markets by 15.4% during the 1st quarter. Royal Bank of Canada now owns 19,083 shares of the company’s stock valued at $1,243,000 after purchasing an additional 2,544 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ingles Markets by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,617 shares of the company’s stock valued at $561,000 after purchasing an additional 385 shares during the last quarter. Jane Street Group LLC raised its position in shares of Ingles Markets by 275.9% in the first quarter. Jane Street Group LLC now owns 30,644 shares of the company’s stock valued at $1,996,000 after purchasing an additional 22,492 shares during the period. Cetera Investment Advisers raised its position in shares of Ingles Markets by 17.3% in the second quarter. Cetera Investment Advisers now owns 4,351 shares of the company’s stock valued at $276,000 after purchasing an additional 641 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Ingles Markets by 19.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,155 shares of the company’s stock worth $200,000 after buying an additional 509 shares during the last quarter. 62.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IMKTA has been the topic of a number of research reports. Weiss Ratings upgraded shares of Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. Wall Street Zen cut Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy”.

Ingles Markets Stock Up 0.2%

NASDAQ IMKTA opened at $88.58 on Wednesday. The business has a fifty day moving average price of $88.71 and a two-hundred day moving average price of $83.56. The stock has a market capitalization of $1.68 billion, a PE ratio of 16.13 and a beta of 0.60. Ingles Markets, Incorporated has a fifty-two week low of $59.27 and a fifty-two week high of $95.62. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.34 and a quick ratio of 1.77.

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

Ingles Markets Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Shareholders of record on Thursday, July 9th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $0.66 annualized dividend and a yield of 0.7%. Ingles Markets’s payout ratio is presently 12.02%.

Insider Buying and Selling

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

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.