Ingles Markets (NASDAQ:IMKTA) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $84.39 and traded as high as $85.75. Ingles Markets shares last traded at $85.16, with a volume of 61,835 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ingles Markets in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

Ingles Markets Stock Performance

The company’s 50 day simple moving average is $84.39 and its 200 day simple moving average is $86.66. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.75 and a current ratio of 3.21. The stock has a market cap of $1.62 billion, a PE ratio of 15.57 and a beta of 0.56.

Ingles Markets Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 8th were issued a $0.1650 dividend. The ex-dividend date of this dividend was Thursday, October 8th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. Ingles Markets’s dividend payout ratio is currently 12.07%.

Institutional Trading of Ingles Markets

A number of hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc boosted its position in 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 purchasing an additional 286 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Ingles Markets during the second quarter valued at about $35,000. Covestor Ltd increased its holdings in Ingles Markets by 410.9% during the third quarter. Covestor Ltd now owns 562 shares of the company’s stock worth $48,000 after buying an additional 452 shares during the last quarter. State of Alaska Department of Revenue raised its position in Ingles Markets by 21.5% in the third quarter. State of Alaska Department of Revenue now owns 678 shares of the company’s stock worth $57,000 after acquiring an additional 120 shares during the period. Finally, New York State Teachers Retirement System bought a new stake in Ingles Markets in the first quarter worth about $121,000. 62.54% of the stock is currently owned by institutional investors.

About Ingles Markets

Ingles Markets is a regional supermarket operator serving communities across the southeastern United States. Its stores sell groceries and other everyday essentials, including fresh produce, meat, dairy products, bakery items, and household goods. Many locations also offer services such as pharmacies and fuel centers. The company operates primarily in North Carolina, Georgia, South Carolina, Tennessee, and Virginia. Its business also includes food-related operations that support its retail stores, such as a milk processing facility and a distribution center.