Gabelli Funds LLC Sells 6,600 Shares of Ingles Markets, Incorporated $IMKTA

Gabelli Funds LLC cut its holdings in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 361,900 shares of the company’s stock after selling 6,600 shares during the quarter. Gabelli Funds LLC owned approximately 1.91% of Ingles Markets worth $32,531,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Ingles Markets by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 1,300,136 shares of the company’s stock worth $89,124,000 after purchasing an additional 20,189 shares in the last quarter. Brandes Investment Partners LP lifted its stake in shares of Ingles Markets by 4.0% during the 4th quarter. Brandes Investment Partners LP now owns 1,206,646 shares of the company’s stock valued at $82,716,000 after buying an additional 46,269 shares in the last quarter. River Road Asset Management LLC lifted its stake in shares of Ingles Markets by 2.3% during the 4th quarter. River Road Asset Management LLC now owns 1,007,275 shares of the company’s stock valued at $69,049,000 after buying an additional 22,979 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Ingles Markets by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 916,178 shares of the company’s stock worth $82,356,000 after buying an additional 2,816 shares during the period. Finally, Summer Road LLC boosted its holdings in Ingles Markets by 17,247.1% in the 1st quarter. Summer Road LLC now owns 433,678 shares of the company’s stock worth $38,983,000 after buying an additional 431,178 shares during the period. Institutional investors own 62.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IMKTA. Weiss Ratings lowered shares of Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Wall Street Zen downgraded Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Insiders Place Their Bets

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

Ingles Markets Stock Up 1.1%

IMKTA stock opened at $85.83 on Friday. The stock has a 50-day simple moving average of $89.38 and a two-hundred day simple moving average of $85.91. Ingles Markets, Incorporated has a twelve month low of $59.27 and a twelve month high of $95.62. The firm has a market capitalization of $1.63 billion, a PE ratio of 15.63 and a beta of 0.61. The company has a quick ratio of 1.77, a current ratio of 3.34 and a debt-to-equity ratio of 0.29.

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

Ingles Markets Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, July 9th. Ingles Markets’s dividend payout ratio is 12.02%.

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.