Wall Street Zen Upgrades Ingles Markets (NASDAQ:IMKTA) to "Strong-Buy"

Key Points

• Wall Street Zen upgraded Ingles Markets (NASDAQ:IMKTA) from a "buy" to a "strong-buy" in a research note issued to investors.
• The stock opened at $91.31, trades with a 52-week range of $59.09–$95.62, has a market cap of about $1.73 billion and a P/E of 18.23, with 50‑day and 200‑day moving averages near $88.45 and $79.22 respectively.
• Ingles reported quarterly EPS of $1.48 on $1.37 billion in revenue, with a return on equity of 5.93% and a net margin of 1.76%, and roughly 62.54% of the shares are held by institutional investors.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

Ingles Markets Stock Down 0.2%

NASDAQ:IMKTA opened at $91.31 on Friday. Ingles Markets has a 1 year low of $59.09 and a 1 year high of $95.62. The company has a current ratio of 3.36, a quick ratio of 1.69 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 18.23 and a beta of 0.62. The stock has a 50-day moving average price of $88.45 and a two-hundred day moving average price of $79.22.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Trust Asset Management LLC acquired a new position in Ingles Markets in the first quarter valued at about $38,000. State of Alaska Department of Revenue acquired a new position in Ingles Markets in the third quarter valued at about $38,000. Highlander Partners L.P. acquired a new position in Ingles Markets in the fourth quarter valued at about $45,000. Eastern Bank acquired a new position in Ingles Markets in the fourth quarter valued at about $48,000. Finally, Torren Management LLC acquired a new position in Ingles Markets in the fourth quarter valued at about $51,000. 62.54% of the stock is owned by institutional investors and hedge funds.

Ingles Markets Company 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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