Ingles Markets (NASDAQ:IMKTA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday, Zacks.com reports. The firm presently has a $39.00 price objective on the stock. Zacks Investment Research‘s price target indicates a potential upside of 14.67% from the company’s current price.
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 analysts have also issued reports on the company. BidaskClub upgraded Ingles Markets from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 10th. ValuEngine upgraded Ingles Markets from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 9th.
In related news, Director Sharp Laura Ingle sold 5,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $31.06, for a total transaction of $155,300.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $465,900. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 29.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of IMKTA. UBS Asset Management Americas Inc. bought a new position in shares of Ingles Markets in the 2nd quarter worth approximately $205,000. Jefferies Group LLC raised its position in shares of Ingles Markets by 30.8% in the 2nd quarter. Jefferies Group LLC now owns 11,519 shares of the company’s stock worth $359,000 after acquiring an additional 2,710 shares in the last quarter. Alberta Investment Management Corp bought a new position in shares of Ingles Markets in the 2nd quarter worth approximately $212,000. Man Group plc bought a new position in shares of Ingles Markets in the 2nd quarter worth approximately $305,000. Finally, Zebra Capital Management LLC bought a new position in shares of Ingles Markets in the 2nd quarter worth approximately $293,000. Institutional investors and hedge funds own 64.37% of the company’s stock.
Ingles Markets Company Profile
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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