Ingles Markets (NASDAQ:IMKTA) Stock Passes Above Two Hundred Day Moving Average – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $85.21 and traded as high as $93.62. Ingles Markets shares last traded at $92.70, with a volume of 121,952 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IMKTA shares. Wall Street Zen cut Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Weiss Ratings downgraded Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Ingles Markets Trading Up 2.1%

The business’s 50 day moving average price is $89.04 and its two-hundred day moving average price is $85.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.77 and a current ratio of 3.34. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 16.89 and a beta of 0.61.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter. The company had revenue of $1.31 billion for the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.

Ingles Markets Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Thursday, July 9th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, July 9th. Ingles Markets’s dividend payout ratio is presently 12.02%.

Insiders Place Their Bets

In other Ingles Markets news, Director Dwight L. Jacobs acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of $88.07 per share, with a total value of $44,035.00. Following the completion of the transaction, the director owned 500 shares in the company, valued at $44,035. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Ingles Markets

Several institutional investors have recently bought and sold shares of IMKTA. Versant Capital Management Inc lifted its position in shares of Ingles Markets by 1,021.4% in the second quarter. Versant Capital Management Inc now owns 314 shares of the company’s stock worth $28,000 after buying 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. bought a new position in Ingles Markets in the 4th quarter worth approximately $45,000. Eastern Bank bought a new position in Ingles Markets during the fourth quarter worth $48,000. Finally, Torren Management LLC acquired a new position in shares of Ingles Markets during the fourth quarter valued at about $51,000. 62.54% of the stock is currently owned by institutional investors.

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.