Zacks: Ingles Markets, Incorporated (IMKTA) Receives Average Rating of “Strong Buy” from Analysts

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) have been assigned an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.

Analysts have set a twelve-month consensus price objective of $64.00 for the company, according to Zacks. Zacks has also given Ingles Markets an industry rank of 17 out of 255 based on the ratings given to its competitors.

Several analysts have commented on the company. Zacks Investment Research upgraded Ingles Markets from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research note on Thursday, December 13th. BidaskClub downgraded Ingles Markets from a “hold” rating to a “sell” rating in a research note on Wednesday, January 30th. Finally, ValuEngine upgraded Ingles Markets from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 16th.

Shares of IMKTA stock traded down $0.41 on Thursday, reaching $29.92. The company had a trading volume of 56,600 shares, compared to its average volume of 53,189. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.92 and a quick ratio of 0.45. The stock has a market cap of $628.64 million, a PE ratio of 6.22, a price-to-earnings-growth ratio of 1.11 and a beta of 0.54. Ingles Markets has a 12 month low of $25.68 and a 12 month high of $37.65.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Thursday, February 7th. The company reported $1.09 earnings per share (EPS) for the quarter. Ingles Markets had a return on equity of 11.64% and a net margin of 1.80%. The business had revenue of $1.06 billion during the quarter. As a group, research analysts anticipate that Ingles Markets will post 3.3 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in IMKTA. Capital Investment Advisory Services LLC bought a new position in Ingles Markets during the fourth quarter valued at approximately $27,000. New York State Teachers Retirement System purchased a new stake in shares of Ingles Markets in the fourth quarter valued at approximately $33,000. Bank of Montreal Can boosted its holdings in shares of Ingles Markets by 50.3% in the fourth quarter. Bank of Montreal Can now owns 2,162 shares of the company’s stock valued at $58,000 after purchasing an additional 724 shares during the period. Legal & General Group Plc boosted its holdings in shares of Ingles Markets by 32.9% in the fourth quarter. Legal & General Group Plc now owns 2,720 shares of the company’s stock valued at $74,000 after purchasing an additional 674 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in shares of Ingles Markets by 313.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,706 shares of the company’s stock valued at $128,000 after purchasing an additional 3,568 shares during the period. Hedge funds and other institutional investors own 62.09% 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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