Polaris Capital Management LLC Trims Stock Position in Ingles Markets, Incorporated $IMKTA

Key Points

• Polaris Capital Management LLC reduced its stake in Ingles Markets by 42.1% during the second quarter, holding 32,583 shares valued at approximately $2.07 million at the end of the reporting period.
• Ingles Markets announced a quarterly dividend of $0.165 per share, with a dividend yield of 0.9%, set to be paid on October 16.
• Despite recent changes in ownership, the stock currently holds a consensus rating of "Hold" according to analysts, with Weiss Ratings reaffirming this stance.

Polaris Capital Management LLC lessened its holdings in Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 42.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,583 shares of the company's stock after selling 23,700 shares during the period. Polaris Capital Management LLC owned 0.17% of Ingles Markets worth $2,065,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Ingles Markets during the fourth quarter valued at approximately $248,000. GAMMA Investing LLC increased its position in Ingles Markets by 6,448.6% during the first quarter. GAMMA Investing LLC now owns 11,984 shares of the company's stock worth $7,810,000 after purchasing an additional 11,801 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ingles Markets in the first quarter worth $403,000. Janney Montgomery Scott LLC increased its position in shares of Ingles Markets by 1.6% in the first quarter. Janney Montgomery Scott LLC now owns 17,729 shares of the company's stock worth $1,155,000 after acquiring an additional 286 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Ingles Markets in the first quarter worth $2,137,000. Hedge funds and other institutional investors own 62.54% of the company's stock.

Ingles Markets Trading Up 3.0%

Ingles Markets stock opened at $72.32 on Friday. The firm's 50-day moving average is $66.94 and its 200-day moving average is $64.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.53 and a current ratio of 3.14. Ingles Markets, Incorporated has a 1 year low of $58.92 and a 1 year high of $75.63. The company has a market cap of $1.37 billion, a P/E ratio of 24.35 and a beta of 0.75.

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

Ingles Markets Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Thursday, October 9th will be given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Thursday, October 9th. Ingles Markets's dividend payout ratio (DPR) is presently 22.22%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Ingles Markets in a report on Saturday, September 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Ingles Markets presently has a consensus rating of "Hold".

Ingles Markets Company Profile

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.

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