Ingles Markets (NASDAQ:IMKTA) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s stock price 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 trading hands.

Analyst Ratings Changes

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

Ingles Markets Stock Down 2.8%

The firm’s fifty day moving average is $89.12 and its two-hundred day moving average is $85.24. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 16.42 and a beta of 0.61. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.34 and a quick ratio of 1.77.

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

Ingles Markets Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, July 9th. Ingles Markets’s dividend payout ratio (DPR) is currently 12.02%.

Insider Buying and Selling

In other news, Director Dwight L. Jacobs bought 500 shares of the company’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 acquisition, the director directly owned 500 shares in the company, valued at approximately $44,035. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ingles Markets

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

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.