Ingles Markets, Incorporated $IMKTA Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Ingles Markets by 55.1%, now holding 22,955 shares valued at approximately $1.5 million.
• Institutional investors collectively own 62.54% of Ingles Markets, with other firms like Sterling Capital Management increasing their holdings significantly.
• Wall Street analysts upgraded Ingles Markets from a "hold" to a "buy" rating, indicating a positive outlook for the company's performance.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 55.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,955 shares of the company's stock after selling 28,165 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.12% of Ingles Markets worth $1,495,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Wells Fargo & Company MN boosted its position in shares of Ingles Markets by 0.3% in the 4th quarter. Wells Fargo & Company MN now owns 61,502 shares of the company's stock worth $3,963,000 after buying an additional 184 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Ingles Markets by 6.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,087 shares of the company's stock valued at $266,000 after acquiring an additional 232 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Ingles Markets by 3.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,577 shares of the company's stock valued at $424,000 after acquiring an additional 249 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Ingles Markets by 1.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,729 shares of the company's stock valued at $1,155,000 after acquiring an additional 286 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ingles Markets by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,232 shares of the company's stock worth $530,000 after purchasing an additional 313 shares during the period. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Ingles Markets from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th.

Ingles Markets Stock Performance

Shares of IMKTA stock traded up $0.39 on Thursday, hitting $65.48. 108,498 shares of the stock traded hands, compared to its average volume of 133,341. Ingles Markets, Incorporated has a 1-year low of $58.92 and a 1-year high of $75.63. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.14 and a quick ratio of 1.53. The company's fifty day moving average is $64.32 and its 200 day moving average is $63.25. The company has a market capitalization of $1.24 billion, a PE ratio of 22.05 and a beta of 0.74.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $1.38 earnings per share for the quarter. Ingles Markets had a return on equity of 3.60% and a net margin of 1.05%.

Ingles Markets Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Thursday, July 10th were given a $0.165 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $0.66 annualized dividend and a yield of 1.0%. Ingles Markets's dividend payout ratio (DPR) is currently 22.22%.

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.