Gate City Capital Management LLC Has $14.23 Million Stake in Ingles Markets, Incorporated $IMKTA

Gate City Capital Management LLC increased its stake in Ingles Markets, Incorporated (NASDAQ:IMKTA) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,561 shares of the company’s stock after acquiring an additional 11,516 shares during the period. Ingles Markets makes up approximately 6.2% of Gate City Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. Gate City Capital Management LLC’s holdings in Ingles Markets were worth $14,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in IMKTA. Highlander Partners L.P. bought a new position in shares of Ingles Markets in the fourth quarter valued at approximately $45,000. Eastern Bank bought a new position in shares of Ingles Markets in the fourth quarter valued at approximately $48,000. Torren Management LLC bought a new position in shares of Ingles Markets in the fourth quarter valued at approximately $51,000. Huntington National Bank boosted its holdings in shares of Ingles Markets by 63.1% in the fourth quarter. Huntington National Bank now owns 778 shares of the company’s stock valued at $53,000 after acquiring an additional 301 shares in the last quarter. Finally, Financial Consulate Inc. bought a new position in shares of Ingles Markets in the fourth quarter valued at approximately $55,000. 62.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IMKTA. Wall Street Zen cut shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings cut shares of Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Ingles Markets currently has an average rating of “Hold”.

Insiders Place Their Bets

In other Ingles Markets news, Director Dwight L. Jacobs bought 500 shares of Ingles Markets stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the acquisition, the director owned 500 shares of the company’s stock, valued at approximately $44,035. This represents a ∞ increase in their position. The acquisition 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 Trading Up 0.2%

Shares of NASDAQ:IMKTA opened at $88.51 on Wednesday. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 16.12 and a beta of 0.60. Ingles Markets, Incorporated has a 1-year low of $59.27 and a 1-year 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. The company has a 50 day moving average price of $89.45 and a 200 day moving average price of $82.62.

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

Ingles Markets Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Thursday, April 9th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, April 9th. Ingles Markets’s dividend payout ratio (DPR) is presently 12.02%.

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.