Ingles Markets (NASDAQ:IMKTA) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $84.36 and traded as high as $94.00. Ingles Markets shares last traded at $91.02, with a volume of 130,010 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IMKTA shares. Wall Street Zen lowered Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings raised Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy”.

Ingles Markets Trading Down 1.2%

The business’s 50 day simple moving average is $88.82 and its two-hundred day simple moving average is $84.36. The stock has a market cap of $1.73 billion, a P/E ratio of 16.58 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 issued its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.The business had revenue of $1.31 billion during the quarter.

Ingles Markets Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Stockholders of record on Thursday, July 9th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $0.66 annualized dividend and a dividend yield of 0.7%. Ingles Markets’s dividend payout ratio is currently 12.02%.

Insider Transactions at Ingles Markets

In other Ingles Markets news, Director Dwight L. Jacobs acquired 500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the acquisition, the director directly owned 500 shares in the company, valued at $44,035. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 22.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ingles Markets

A number of hedge funds have recently modified their holdings of IMKTA. Versant Capital Management Inc raised its position in Ingles Markets by 1,021.4% during the 2nd quarter. Versant Capital Management Inc now owns 314 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the last quarter. Global Trust Asset Management LLC acquired a new stake in shares of Ingles Markets in the first quarter valued at about $38,000. Highlander Partners L.P. acquired a new stake in shares of Ingles Markets in the fourth quarter valued at about $45,000. Eastern Bank bought a new position in shares of Ingles Markets during the fourth quarter worth about $48,000. Finally, Torren Management LLC bought a new position in shares of Ingles Markets during the fourth quarter worth about $51,000. Institutional investors and hedge funds own 62.54% of the company’s stock.

About Ingles Markets

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.