Ingles Markets, Incorporated $IMKTA Shares Bought by Summer Road LLC

Summer Road LLC grew its position in Ingles Markets, Incorporated (NASDAQ:IMKTA) by 17,247.1% in the first quarter, Holdings Channel reports. The fund owned 433,678 shares of the company’s stock after acquiring an additional 431,178 shares during the quarter. Ingles Markets accounts for 27.4% of Summer Road LLC’s portfolio, making the stock its 2nd largest holding. Summer Road LLC’s holdings in Ingles Markets were worth $38,983,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Parallel Advisors LLC raised its position in Ingles Markets by 14.4% in the third quarter. Parallel Advisors LLC now owns 1,561 shares of the company’s stock valued at $109,000 after purchasing an additional 197 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Ingles Markets by 4.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,809 shares of the company’s stock worth $330,000 after purchasing an additional 207 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Ingles Markets by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,163 shares of the company’s stock valued at $327,000 after buying an additional 209 shares during the period. Ballentine Partners LLC increased its stake in shares of Ingles Markets by 4.0% in the fourth quarter. Ballentine Partners LLC now owns 5,643 shares of the company’s stock valued at $387,000 after buying an additional 217 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Ingles Markets by 1.5% in the third quarter. Legal & General Group Plc now owns 16,096 shares of the company’s stock valued at $1,120,000 after buying an additional 234 shares during the period. Institutional investors and hedge funds own 62.54% of the company’s stock.

Ingles Markets Stock Up 0.2%

Shares of IMKTA opened at $88.58 on Wednesday. The company has a market capitalization of $1.68 billion, a PE ratio of 16.13 and a beta of 0.60. Ingles Markets, Incorporated has a 12 month low of $59.27 and a 12 month high of $95.62. The stock’s 50-day moving average price is $88.71 and its two-hundred day moving average price is $83.56. The company has a current ratio of 3.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.29.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.28 earnings per share for the quarter. The company had revenue of $1.31 billion during the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Thursday, July 9th will be issued a $0.165 dividend. The ex-dividend date is Thursday, July 9th. This represents a $0.66 annualized dividend and a yield of 0.7%. Ingles Markets’s dividend payout ratio is presently 12.02%.

Insider Buying and Selling

In other news, Director Dwight L. Jacobs bought 500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $88.07 per share, with a total value of $44,035.00. Following the transaction, the director owned 500 shares of the company’s stock, valued at $44,035. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 22.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

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.