Gabelli Funds LLC Trims Stake in Ingles Markets, Incorporated $IMKTA

Gabelli Funds LLC reduced its holdings in Ingles Markets, Incorporated (NASDAQ:IMKTA) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 361,900 shares of the company’s stock after selling 6,600 shares during the quarter. Gabelli Funds LLC’s holdings in Ingles Markets were worth $32,531,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of IMKTA. Global Trust Asset Management LLC purchased a new stake in shares of Ingles Markets in the 1st quarter valued at about $38,000. Highlander Partners L.P. purchased a new position in shares of Ingles Markets during the fourth quarter worth about $45,000. Eastern Bank bought a new position in shares of Ingles Markets in the fourth quarter worth approximately $48,000. Torren Management LLC bought a new position in shares of Ingles Markets in the fourth quarter worth approximately $51,000. Finally, Huntington National Bank increased its position in shares of Ingles Markets by 63.1% in the fourth quarter. Huntington National Bank now owns 778 shares of the company’s stock worth $53,000 after purchasing an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 62.54% of the company’s stock.

Analyst Ratings Changes

IMKTA has been the subject of several research analyst reports. Weiss Ratings lowered shares of Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. Wall Street Zen lowered shares of 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 Hold rating, According to data from MarketBeat, Ingles Markets has an average rating of “Hold”.

Ingles Markets Price Performance

IMKTA opened at $85.83 on Friday. The stock has a 50-day moving average price of $89.38 and a 200-day moving average price of $85.91. Ingles Markets, Incorporated has a 12-month low of $59.27 and a 12-month high of $95.62. The company has a current ratio of 3.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $1.63 billion, a P/E ratio of 15.63 and a beta of 0.61.

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

Ingles Markets Announces Dividend

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

Insider Buying and Selling

In other Ingles Markets news, Director Dwight L. Jacobs purchased 500 shares of Ingles Markets stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the transaction, the director directly owned 500 shares of the company’s stock, valued at approximately $44,035. The trade was a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 22.80% of the stock is owned by insiders.

About Ingles Markets

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.