Stock in Ingles Markets soared by more than 6% Monday, reaching its highest price in 25 years as a public company.
Trading volume in the Asheville, N.C.-based retailer Monday was around five times its typical pace, statistics showed, although there was no immediate word from the company or any investors as to what sparked the volume.
Stock Monday closed at $40.90 a share, exceeding a previous high of $40.84 reached in 2007.
Ingles has been the subject of some speculation among analysts and industry observers, who note that the chain’s holdings include an attractive real estate portfolio including most of its 202 supermarkets and many of the shopping centers in which they are located. Speculation over the future of the company was raised following the death of founder and CEO Robert P. Ingle in 2011. His son, Robert “Bobby” Ingle II, has served as CEO since then.
Ingles in December reported increases in sales and earnings for the fourth quarter and fiscal year. Sales for the year totaled $3.84 billion, up 2.6%.
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