Ingles Markets (IMKTA) Cut to Strong Sell at BidaskClub

BidaskClub downgraded shares of Ingles Markets (NASDAQ:IMKTA) from a sell rating to a strong sell rating in a research note released on Wednesday.

Separately, Zacks Investment Research lowered shares of Ingles Markets from a hold rating to a sell rating in a research note on Wednesday, August 15th.

Ingles Markets stock opened at $28.82 on Wednesday. Ingles Markets has a fifty-two week low of $26.51 and a fifty-two week high of $37.65. The company has a market cap of $569.28 million, a P/E ratio of 6.16, a PEG ratio of 0.92 and a beta of 0.47. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.50 and a current ratio of 1.96.

A number of institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC lifted its stake in Ingles Markets by 7.8% in the second quarter. Aperio Group LLC now owns 32,476 shares of the company’s stock valued at $1,033,000 after buying an additional 2,346 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Ingles Markets by 438.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 39,675 shares of the company’s stock valued at $1,262,000 after buying an additional 32,300 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Ingles Markets by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 156,874 shares of the company’s stock valued at $4,989,000 after buying an additional 2,592 shares in the last quarter. Strs Ohio lifted its stake in Ingles Markets by 19.8% in the second quarter. Strs Ohio now owns 26,000 shares of the company’s stock valued at $826,000 after buying an additional 4,300 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Ingles Markets by 12.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 267,681 shares of the company’s stock valued at $8,513,000 after buying an additional 30,061 shares in the last quarter. 63.85% of the stock is currently owned by institutional investors and hedge funds.

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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