VELA Investment Management LLC Purchases New Position in Ingles Markets, Incorporated $IMKTA

Key Points

• VELA Investment Management LLC has acquired a new position in Ingles Markets, purchasing 14,516 shares valued at approximately $920,000 during the 2nd quarter.
• Ingles Markets recently announced a quarterly dividend of $0.165 per share, resulting in an annualized dividend yield of 0.9% and a payout ratio of 22.22%.
• The stock of Ingles Markets has experienced a 1.8% decline and has a market capitalization of $1.40 billion, with a price-to-earnings ratio of 24.74.

VELA Investment Management LLC purchased a new stake in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 14,516 shares of the company's stock, valued at approximately $920,000. VELA Investment Management LLC owned approximately 0.08% of Ingles Markets at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of IMKTA. Charles Schwab Investment Management Inc. grew its stake in Ingles Markets by 9.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 497,217 shares of the company's stock valued at $32,384,000 after acquiring an additional 43,659 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Ingles Markets by 122.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 72,964 shares of the company's stock valued at $4,819,000 after acquiring an additional 40,164 shares during the period. American Century Companies Inc. grew its stake in Ingles Markets by 8.1% in the 1st quarter. American Century Companies Inc. now owns 514,302 shares of the company's stock valued at $33,497,000 after acquiring an additional 38,408 shares during the period. Nuveen LLC acquired a new stake in Ingles Markets in the 1st quarter valued at $2,355,000. Finally, Allianz Asset Management GmbH grew its stake in Ingles Markets by 23.4% in the 1st quarter. Allianz Asset Management GmbH now owns 147,777 shares of the company's stock valued at $9,625,000 after acquiring an additional 28,045 shares during the period. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

Ingles Markets Stock Down 1.8%

Shares of IMKTA opened at $73.48 on Friday. 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 one year low of $58.92 and a one year high of $75.63. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 24.74 and a beta of 0.75. The stock has a 50 day moving average price of $68.71 and a 200 day moving average price of $65.02.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $1.38 EPS 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 company also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Investors of record on Thursday, October 9th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Thursday, October 9th. Ingles Markets's payout ratio is presently 22.22%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "hold (c-)" rating on shares of Ingles Markets in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Ingles Markets 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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