Zacks Investment Research upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $34.00 target price on the stock.
According to Zacks, “Ingles Markets, Incorporated is a leading supermarket chain with operations in the southeastern United States. Ingles’ strategy is to locate its supermarkets primarily in suburban areas, small towns and rural communities, where management believes the market may be underserved by existing supermarkets. “
IMKTA has been the subject of a number of other reports. TheStreet raised shares of Ingles Markets from a c+ rating to a b- rating in a research note on Tuesday, December 26th. BidaskClub lowered shares of Ingles Markets from a buy rating to a hold rating in a research note on Wednesday, January 31st.
Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings data on Thursday, December 7th. The company reported $0.96 earnings per share for the quarter. Ingles Markets had a net margin of 2.11% and a return on equity of 16.66%. The company had revenue of $1.09 billion during the quarter. sell-side analysts predict that Ingles Markets will post 2.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 18th. Stockholders of record on Thursday, January 11th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, January 10th. This represents a $0.66 annualized dividend and a dividend yield of 2.05%. Ingles Markets’s dividend payout ratio (DPR) is currently 15.68%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Gamco Investors INC. ET AL increased its holdings in Ingles Markets by 4.0% in the 3rd quarter. Gamco Investors INC. ET AL now owns 1,266,402 shares of the company’s stock worth $32,547,000 after buying an additional 48,893 shares during the period. Dimensional Fund Advisors LP increased its holdings in Ingles Markets by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,184,752 shares of the company’s stock worth $30,448,000 after buying an additional 3,984 shares during the period. Vanguard Group Inc. increased its holdings in Ingles Markets by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,032,352 shares of the company’s stock worth $34,378,000 after buying an additional 33,192 shares during the period. BlackRock Inc. increased its holdings in Ingles Markets by 0.8% in the 4th quarter. BlackRock Inc. now owns 934,901 shares of the company’s stock worth $32,348,000 after buying an additional 7,561 shares during the period. Finally, Gabelli Funds LLC increased its holdings in Ingles Markets by 0.4% in the 3rd quarter. Gabelli Funds LLC now owns 934,600 shares of the company’s stock worth $24,019,000 after buying an additional 4,000 shares during the period. Hedge funds and other institutional investors own 59.15% of the company’s stock.
WARNING: “Ingles Markets (IMKTA) Raised to Buy at Zacks Investment Research” was first reported by Week Herald and is the sole property of of Week Herald. If you are accessing this article on another website, it was copied illegally and reposted in violation of international copyright legislation. The original version of this article can be read at https://weekherald.com/2018/02/17/ingles-markets-imkta-raised-to-buy-at-zacks-investment-research.html.
Ingles Markets Company Profile
Ingles Markets, Incorporated (Ingles) is a supermarket chain in the southeast United States. The Company’s segments include retail grocery and other. Its other segment consists of fluid dairy operations and shopping center rentals. As of September 24, 2016, the Company operated 201 supermarkets in Georgia, North Carolina, South Carolina, Tennessee, Virginia and Alabama.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ingles Markets Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingles Markets and related companies with MarketBeat.com's FREE daily email newsletter.