Ingles Markets (NASDAQ:IMKTA) Posts Quarterly Earnings Results

Ingles Markets (NASDAQ:IMKTA) issued its quarterly earnings results on Thursday. The company reported $1.36 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $1.37 billion for the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.

Ingles Markets Price Performance

Shares of Ingles Markets stock traded down $0.81 during midday trading on Friday, hitting $85.90. 25,122 shares of the company traded hands, compared to its average volume of 136,951. The firm’s fifty day moving average price is $89.70 and its 200-day moving average price is $87.27. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 15.65 and a beta of 0.60. Ingles Markets has a 12 month low of $60.17 and a 12 month high of $95.62. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.77 and a current ratio of 3.34.

Ingles Markets Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. Ingles Markets’s payout ratio is 12.02%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IMKTA. Wall Street Zen lowered Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings raised Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Ingles Markets presently has an average rating of “Buy”.

Insiders Place Their Bets

In related news, Director Dwight L. Jacobs bought 500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $88.07 per share, with a total value of $44,035.00. Following the completion of the purchase, the director owned 500 shares in the company, valued at $44,035. This represents a ? increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 22.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ingles Markets

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of Ingles Markets by 15.4% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Ingles Markets by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,617 shares of the company’s stock valued at $561,000 after buying an additional 385 shares during the last quarter. Jane Street Group LLC raised its holdings in Ingles Markets by 275.9% in the 1st quarter. Jane Street Group LLC now owns 30,644 shares of the company’s stock valued at $1,996,000 after buying an additional 22,492 shares during the last quarter. Cetera Investment Advisers boosted its position in Ingles Markets by 17.3% during the 2nd quarter. Cetera Investment Advisers now owns 4,351 shares of the company’s stock worth $276,000 after buying an additional 641 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in 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 acquiring an additional 509 shares during the last quarter. Institutional investors and hedge funds own 62.54% 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.