Ingles Markets (NASDAQ:IMKTA) Share Price Passes Above 200 Day Moving Average – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $78.47 and traded as high as $90.90. Ingles Markets shares last traded at $90.50, with a volume of 130,304 shares trading hands.

Wall Street Analysts Forecast Growth

IMKTA has been the subject of a number of research reports. Wall Street Zen lowered Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Ingles Markets Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 3.36 and a quick ratio of 1.69. The business has a 50-day simple moving average of $88.20 and a 200-day simple moving average of $78.69. The firm has a market capitalization of $1.72 billion, a PE ratio of 18.10 and a beta of 0.65.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.48 earnings per share (EPS) for the quarter. Ingles Markets had a return on equity of 5.93% and a net margin of 1.76%.The business had revenue of $1.37 billion for the quarter.

Ingles Markets Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Shareholders of record on Thursday, April 9th were given a dividend of $0.165 per share. The ex-dividend date was Thursday, April 9th. This represents a $0.66 dividend on an annualized basis and a yield of 0.7%. Ingles Markets’s dividend payout ratio is 13.17%.

Institutional Investors Weigh In On Ingles Markets

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMKTA. Summer Road LLC raised its position in Ingles Markets by 17,247.1% during the first quarter. Summer Road LLC now owns 433,678 shares of the company’s stock valued at $38,983,000 after purchasing an additional 431,178 shares during the period. Bragg Financial Advisors Inc raised its position in Ingles Markets by 22.7% during the fourth quarter. Bragg Financial Advisors Inc now owns 372,210 shares of the company’s stock valued at $25,515,000 after purchasing an additional 68,909 shares during the period. UBS Group AG raised its position in Ingles Markets by 167.3% during the third quarter. UBS Group AG now owns 102,333 shares of the company’s stock valued at $7,118,000 after purchasing an additional 64,049 shares during the period. Brandes Investment Partners LP raised its position in Ingles Markets by 4.0% during the fourth quarter. Brandes Investment Partners LP now owns 1,206,646 shares of the company’s stock valued at $82,716,000 after purchasing an additional 46,269 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Ingles Markets by 29.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 181,222 shares of the company’s stock valued at $12,423,000 after purchasing an additional 41,697 shares during the period. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

Ingles Markets Company Profile

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.