Ingles Markets (NASDAQ:IMKTA) Hits New 12-Month High - Here's Why

Key Points

• Ingles Markets hit a new 52-week high of $90.83 (last around $90.80) on mid-day trading with 22,431 shares changing hands; the stock has a $1.71 billion market cap and sits above its 50‑day ($83.11) and 200‑day ($75.79) moving averages.
• Analyst coverage is mixed — the stock's current average rating is "Hold", though Wall Street Zen recently upgraded to "strong‑buy" while Weiss Ratings reaffirmed a "hold (c-)".
• Ingles reported $1.48 EPS on $1.37 billion in the most recent quarter, with a 1.76% net margin, and institutional ownership is high (62.54%) as several hedge funds increased their stakes.

Ingles Markets, Incorporated (NASDAQ:IMKTA - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $90.83 and last traded at $90.7980, with a volume of 22431 shares trading hands. The stock had previously closed at $89.00.

Analyst Ratings Changes

Several brokerages have recently issued reports on IMKTA. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Ingles Markets in a report on Monday, December 29th. Wall Street Zen upgraded Ingles Markets from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold".

Ingles Markets Trading Up 1.0%

The stock has a market cap of $1.71 billion, a PE ratio of 17.91 and a beta of 0.74. 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 stock has a fifty day moving average price of $83.11 and a 200 day moving average price of $75.79.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.48 earnings per share 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%.

Hedge Funds Weigh In On Ingles Markets

Several hedge funds have recently added to or reduced their stakes in IMKTA. Allianz Asset Management GmbH raised its position in Ingles Markets by 24.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 188,964 shares of the company's stock valued at $13,144,000 after purchasing an additional 37,194 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Ingles Markets by 42.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 78,469 shares of the company's stock worth $5,458,000 after acquiring an additional 23,479 shares in the last quarter. Creative Planning increased its position in Ingles Markets by 125.1% during the 2nd quarter. Creative Planning now owns 13,608 shares of the company's stock valued at $862,000 after purchasing an additional 7,564 shares during the period. Gamco Investors INC. ET AL raised its holdings in shares of Ingles Markets by 7.2% in the 2nd quarter. Gamco Investors INC. ET AL now owns 579,896 shares of the company's stock valued at $36,754,000 after purchasing an additional 38,981 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Ingles Markets by 4.5% during the third quarter. American Century Companies Inc. now owns 561,306 shares of the company's stock valued at $39,045,000 after purchasing an additional 24,406 shares in the last quarter. 62.54% of the stock is currently owned by institutional investors.

About Ingles Markets

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.