Ingles Markets, Incorporated $IMKTA Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its stake in Ingles Markets by 1.1%, selling 14,816 shares and now holds 1,279,947 shares (about a 6.74% stake) valued at approximately $89.0 million.
• Ingles stock opened at $83.82 (down 2.4%), with a market cap of $1.59 billion and a P/E of 16.73; the company reported $1.48 EPS on $1.37 billion in quarterly revenue and pays a quarterly dividend of $0.165 (annual $0.66, yield 0.8%).
• The analyst consensus remains a Hold, though Wall Street Zen recently upgraded the stock to a "strong-buy," and institutional investors collectively own about 62.54% of the shares.

Vanguard Group Inc. cut its holdings in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 1.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,279,947 shares of the company's stock after selling 14,816 shares during the quarter. Vanguard Group Inc. owned about 6.74% of Ingles Markets worth $89,033,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IMKTA. Wealth Enhancement Advisory Services LLC raised its holdings in Ingles Markets by 3.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,817 shares of the company's stock valued at $272,000 after acquiring an additional 144 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Ingles Markets by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,163 shares of the company's stock valued at $327,000 after purchasing an additional 209 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Ingles Markets by 7.4% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,135 shares of the company's stock valued at $199,000 after purchasing an additional 215 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Ingles Markets by 2.9% during the second quarter. Envestnet Asset Management Inc. now owns 9,002 shares of the company's stock worth $571,000 after buying an additional 257 shares in the last quarter. Finally, Ballast Asset Management LP boosted its stake in Ingles Markets by 1.0% during the second quarter. Ballast Asset Management LP now owns 31,669 shares of the company's stock worth $2,007,000 after buying an additional 306 shares during the last quarter. Hedge funds and other institutional investors own 62.54% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on IMKTA shares. Wall Street Zen raised Ingles Markets from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 7th. Weiss Ratings reissued a "hold (c-)" rating on shares of Ingles Markets in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold".

Ingles Markets Trading Down 2.4%

Shares of Ingles Markets stock opened at $83.82 on Friday. The stock has a 50 day moving average of $77.91 and a 200 day moving average of $73.68. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.36. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 16.73 and a beta of 0.74. Ingles Markets, Incorporated has a fifty-two week low of $59.09 and a fifty-two week high of $90.49.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last posted its earnings results on Thursday, February 5th. The company reported $1.48 EPS for the quarter. The company had revenue of $1.37 billion for the quarter. Ingles Markets had a return on equity of 5.93% and a net margin of 1.76%.

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Thursday, January 8th were given a $0.165 dividend. The ex-dividend date of this dividend was Thursday, January 8th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Ingles Markets's dividend payout ratio is presently 13.17%.

Ingles Markets Profile

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.

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