Ingles Markets (NASDAQ:IMKTA) Hits New 52-Week High – Still a Buy?

Ingles Markets, Incorporated (NASDAQ:IMKTA) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $80.42 and last traded at $78.9990, with a volume of 60433 shares traded. The stock had previously closed at $77.44.

Analysts Set New Price Targets

Several research firms recently weighed in on IMKTA. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. Wall Street Zen upgraded Ingles Markets from a “hold” rating to a “buy” rating in a research report on Saturday, November 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Ingles Markets Stock Up 3.1%

The company has a current ratio of 3.22, a quick ratio of 1.63 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.52 billion, a P/E ratio of 18.15 and a beta of 0.75. The firm’s 50 day moving average price is $72.09 and its two-hundred day moving average price is $70.21.

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Thursday, January 8th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, January 8th. Ingles Markets’s dividend payout ratio is presently 15.00%.

Hedge Funds Weigh In On Ingles Markets

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Ingles Markets by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 1,300,136 shares of the company’s stock worth $89,124,000 after purchasing an additional 20,189 shares during the last quarter. River Road Asset Management LLC boosted its stake in shares of Ingles Markets by 0.9% during the 2nd quarter. River Road Asset Management LLC now owns 984,705 shares of the company’s stock worth $61,967,000 after acquiring an additional 8,886 shares during the period. Brandes Investment Partners LP raised its stake in Ingles Markets by 16.5% in the 2nd quarter. Brandes Investment Partners LP now owns 948,627 shares of the company’s stock valued at $60,124,000 after acquiring an additional 134,398 shares during the period. Gamco Investors INC. ET AL lifted its holdings in Ingles Markets by 7.2% during the 2nd quarter. Gamco Investors INC. ET AL now owns 579,896 shares of the company’s stock valued at $36,754,000 after purchasing an additional 38,981 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Ingles Markets by 4.5% in the third quarter. American Century Companies Inc. now owns 561,306 shares of the company’s stock valued at $39,045,000 after purchasing an additional 24,406 shares during the last quarter. 62.54% of the stock is 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.