Ingles Markets (NASDAQ:IMKTA) Upgraded to “Strong-Buy” at BidaskClub

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Ingles Markets (NASDAQ:IMKTA) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, BidAskClub reports.

Separately, Zacks Investment Research lowered Ingles Markets from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th.

Shares of IMKTA stock opened at $44.82 on Wednesday. The company has a market capitalization of $896.51 million, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. Ingles Markets has a 52-week low of $25.57 and a 52-week high of $44.87. The business’s fifty day moving average is $41.73 and its 200 day moving average is $36.19. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.47 and a current ratio of 2.06.

In other news, Director Sharp Laura Ingle sold 1,288 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.05, for a total transaction of $51,584.40. Following the sale, the director now owns 13,712 shares in the company, valued at approximately $549,165.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 29.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quantamental Technologies LLC bought a new stake in Ingles Markets in the 2nd quarter worth approximately $30,000. New York State Teachers Retirement System bought a new stake in shares of Ingles Markets in the 2nd quarter worth approximately $37,000. Northwest Investment Counselors LLC bought a new stake in shares of Ingles Markets in the 3rd quarter worth approximately $40,000. Bank of Montreal Can boosted its stake in shares of Ingles Markets by 86.1% in the 2nd quarter. Bank of Montreal Can now owns 2,484 shares of the company’s stock valued at $77,000 after purchasing an additional 1,149 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Ingles Markets by 21.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,244 shares of the company’s stock valued at $197,000 after purchasing an additional 1,123 shares in the last quarter. Hedge funds and other institutional investors own 66.11% 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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