Ingles Markets (NASDAQ:IMKTA) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Ingles Markets (NASDAQ:IMKTA) from a buy rating to a hold rating in a research report report published on Tuesday.

Ingles Markets Trading Down 0.3 %

Shares of IMKTA stock opened at $67.05 on Tuesday. Ingles Markets has a 1-year low of $59.73 and a 1-year high of $89.59. The company has a current ratio of 2.99, a quick ratio of 1.49 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 7.98 and a beta of 0.74. The stock has a 50-day moving average of $68.31 and a 200-day moving average of $70.59.

Ingles Markets Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Thursday, October 10th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $0.66 annualized dividend and a yield of 0.98%. Ingles Markets’s payout ratio is 7.86%.

Hedge Funds Weigh In On Ingles Markets

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in Ingles Markets by 18.0% in the second quarter. AQR Capital Management LLC now owns 55,187 shares of the company’s stock valued at $3,786,000 after buying an additional 8,432 shares during the period. Brandes Investment Partners LP increased its stake in shares of Ingles Markets by 111.0% in the 2nd quarter. Brandes Investment Partners LP now owns 196,753 shares of the company’s stock valued at $13,480,000 after acquiring an additional 103,507 shares in the last quarter. River Road Asset Management LLC lifted its position in shares of Ingles Markets by 7.1% during the 3rd quarter. River Road Asset Management LLC now owns 971,026 shares of the company’s stock valued at $72,439,000 after acquiring an additional 64,296 shares during the period. Systematic Financial Management LP lifted its position in shares of Ingles Markets by 8.3% during the 3rd quarter. Systematic Financial Management LP now owns 196,671 shares of the company’s stock valued at $14,672,000 after acquiring an additional 15,107 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Ingles Markets by 33.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,846 shares of the company’s stock worth $3,271,000 after acquiring an additional 10,916 shares in the last quarter. Institutional investors and hedge funds own 62.54% of the company’s stock.

About Ingles Markets

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.