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Ingles Markets, Incorporated (IMKTA): Are Hedge Funds Right About This Stock?

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The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Ingles Markets, Incorporated (NASDAQ:IMKTA) .

Ingles Markets, Incorporated (NASDAQ:IMKTA) shares didn’t see a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 10 hedge funds’ portfolios at the end of the third quarter of 2016. At the end of this article we will also compare IMKTA to other stocks including Carmike Cinemas, Inc. (NASDAQ:CKEC), Veeco Instruments Inc. (NASDAQ:VECO), and Harsco Corporation (NYSE:HSC) to get a better sense of its popularity.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

Bohbeh/Shutterstock.com

Bohbeh/Shutterstock.com

Now, let’s take a look at the fresh action surrounding Ingles Markets, Incorporated (NASDAQ:IMKTA).

What have hedge funds been doing with Ingles Markets, Incorporated (NASDAQ:IMKTA)?

At Q3’s end, a total of 10 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 0% from the second quarter of 2016. By comparison, 12 hedge funds held shares or bullish call options in IMKTA heading into this year. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were upping their stakes considerably (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Mario Gabelli of GAMCO Investors holds the most valuable position in Ingles Markets, Incorporated (NASDAQ:IMKTA) which has a $49.4 million position in the stock. The second largest stake is held by Joel Greenblatt of Gotham Asset Management, with a $1.3 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other peers that hold long positions include Cliff Asness’ AQR Capital Management, D. E. Shaw’s D E Shaw which is one of the biggest hedge funds in the world and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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