Director Sharp Ingle Sells 2,000 Shares of Ingles Markets Inc (IMKTA)
Director Sharp Ingle of Ingles Markets Inc (NASDAQ:IMKTA) has sold 2,000 shares of the company on March 20, 2024, according to a recent SEC filing. The transaction was executed at an average price of $75 per share, resulting in a total sale amount of $150,000.
Ingles Markets Inc is an American regional supermarket chain with operations in the Southeastern United States. The company operates supermarkets, offering customers a wide variety of nationally advertised food products, including grocery, meat, produce, deli and bakery departments. In addition, the company also operates pharmacies and fuel centers as part of its supermarket locations.
Over the past year, Sharp Ingle has sold a total of 53,000 shares of Ingles Markets Inc and has not made any purchases of the stock. The insider's recent sale contributes to a pattern observed over the last year, where there have been 19 insider sells and no insider buys.
On the valuation front, Ingles Markets Inc (NASDAQ:IMKTA) had a market cap of $1.452 billion on the day of the insider's sale. The stock's price-earnings ratio stood at 7.87, which is below both the industry median of 16.12 and the company's historical median price-earnings ratio. This suggests a lower valuation relative to its peers and its own trading history.
The stock was trading at $75 on the day of the transaction, with a GuruFocus Value of $89.68. This indicates a price-to-GF-Value ratio of 0.84, classifying Ingles Markets Inc as modestly undervalued according to the GF Value metric.
The GF Value is calculated considering historical trading multiples such as price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, along with a GuruFocus adjustment factor based on the company's past returns and growth, and future business performance estimates from Morningstar analysts.
The insider's recent sale may attract the attention of investors who track insider behaviors as an indicator of a company's future performance. However, it is important to consider a wide range of factors when evaluating the potential investment in any stock.
For more detailed information, the full SEC filing can be viewed here.
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This article first appeared on GuruFocus.
