StockNews.com Upgrades Ingles Markets (NASDAQ:IMKTA) to Buy

Ingles Markets (NASDAQ:IMKTA - Get Free Report) was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a research report issued on Tuesday.

Ingles Markets Price Performance

Shares of NASDAQ IMKTA traded up $0.58 during mid-day trading on Tuesday, hitting $61.67. 135,383 shares of the stock were exchanged, compared to its average volume of 119,613. The stock's fifty day simple moving average is $62.66 and its two-hundred day simple moving average is $65.30. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.45 and a current ratio of 3.24. The company has a market cap of $1.17 billion, a P/E ratio of 14.90 and a beta of 0.73. Ingles Markets has a twelve month low of $58.92 and a twelve month high of $82.01.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.80 EPS for the quarter. Ingles Markets had a return on equity of 5.09% and a net margin of 1.45%.

Institutional Investors Weigh In On Ingles Markets

A number of hedge funds have recently added to or reduced their stakes in IMKTA. Meeder Asset Management Inc. bought a new position in Ingles Markets in the fourth quarter valued at $30,000. Sterling Capital Management LLC lifted its position in Ingles Markets by 811.8% during the fourth quarter. Sterling Capital Management LLC now owns 465 shares of the company's stock valued at $30,000 after buying an additional 414 shares during the period. Anchor Investment Management LLC purchased a new stake in Ingles Markets in the fourth quarter worth about $64,000. Tower Research Capital LLC TRC increased its position in Ingles Markets by 296.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,252 shares of the company's stock valued at $81,000 after buying an additional 936 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Ingles Markets during the fourth quarter valued at approximately $96,000. Institutional investors and hedge funds own 62.54% of the company's stock.

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.