Zacks Investment Research upgraded shares of Ingles Markets (NASDAQ:IMKTA) from a hold rating to a strong-buy rating in a research report released on Wednesday morning, Zacks.com reports. The brokerage currently has $39.00 price target 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. “
A number of other research firms also recently commented on IMKTA. ValuEngine raised shares of Ingles Markets from a strong sell rating to a sell rating in a research report on Tuesday, July 9th. BidaskClub raised shares of Ingles Markets from a buy rating to a strong-buy rating in a research report on Saturday, August 10th.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 18th. Investors of record on Thursday, July 11th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Wednesday, July 10th. Ingles Markets’s dividend payout ratio is currently 13.72%.
In related news, Director Sharp Laura Ingle sold 5,000 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $31.06, for a total transaction of $155,300.00. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $465,900. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 29.50% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. UBS Asset Management Americas Inc. acquired a new position in Ingles Markets during the second quarter valued at approximately $205,000. Jefferies Group LLC lifted its position in Ingles Markets by 30.8% during the second quarter. Jefferies Group LLC now owns 11,519 shares of the company’s stock valued at $359,000 after buying an additional 2,710 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Ingles Markets during the second quarter valued at approximately $212,000. Man Group plc acquired a new position in Ingles Markets during the second quarter valued at approximately $305,000. Finally, Zebra Capital Management LLC acquired a new position in shares of Ingles Markets during the second quarter worth $293,000. Hedge funds and other institutional investors own 64.37% of the company’s stock.
About Ingles Markets
Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. Its supermarkets offer various food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, such as fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.
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