Ingles Markets (NASDAQ:IMKTA) Issues Earnings Results

Ingles Markets (NASDAQ:IMKTA) issued its earnings results on Thursday. The company reported $1.36 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $1.37 billion during the quarter. Ingles Markets had a net margin of 1.92% and a return on equity of 6.34%.

Ingles Markets Stock Up 1.6%

Shares of IMKTA traded up $1.40 during trading hours on Friday, hitting $88.11. 141,610 shares of the company were exchanged, compared to its average volume of 120,439. 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 market cap of $1.67 billion, a PE ratio of 16.11 and a beta of 0.60. The firm’s 50 day moving average is $89.69 and its 200-day moving average is $87.28. Ingles Markets has a 52 week low of $60.17 and a 52 week high of $95.62.

Ingles Markets Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Thursday, July 9th were given a $0.165 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.7%. Ingles Markets’s payout ratio is currently 12.02%.

Insider Transactions at Ingles Markets

In other news, Director Dwight L. Jacobs purchased 500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was bought 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Ingles Markets

Institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc raised its stake in Ingles Markets by 1,021.4% during the second quarter. Versant Capital Management Inc now owns 314 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Global Trust Asset Management LLC bought a new stake in Ingles Markets during the 1st quarter worth approximately $38,000. Highlander Partners L.P. bought a new position in Ingles Markets in the 4th quarter valued at $45,000. Torren Management LLC acquired a new position in Ingles Markets in the fourth quarter worth $51,000. Finally, Huntington National Bank increased its stake 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 buying an additional 301 shares in the last quarter. Institutional investors own 62.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IMKTA. Wall Street Zen lowered Ingles Markets from a “strong-buy” rating to a “buy” rating in a research 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 investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy”.

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.