Ingles Markets (NASDAQ:IMKTA) Sets New 1-Year High – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $91.73 and last traded at $92.39, with a volume of 8228 shares changing hands. The stock had previously closed at $91.12.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IMKTA. Wall Street Zen upgraded Ingles Markets from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ingles Markets in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Ingles Markets currently has a consensus rating of “Hold”.

Ingles Markets Stock Performance

The firm has a market capitalization of $1.75 billion, a PE ratio of 18.39 and a beta of 0.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.36. The business’s fifty day simple moving average is $85.01 and its 200-day simple moving average is $76.52.

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

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Stockholders of record on Thursday, April 9th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $0.66 annualized dividend and a dividend yield of 0.7%. Ingles Markets’s payout ratio is currently 13.17%.

Hedge Funds Weigh In On Ingles Markets

Several hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its stake in Ingles Markets by 24.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 188,964 shares of the company’s stock worth $13,144,000 after buying an additional 37,194 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Ingles Markets by 42.7% in the third quarter. Teacher Retirement System of Texas now owns 78,469 shares of the company’s stock valued at $5,458,000 after purchasing an additional 23,479 shares during the period. American Century Companies Inc. boosted 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 period. Gamco Investors INC. ET AL grew its stake in Ingles Markets by 7.2% in the second quarter. Gamco Investors INC. ET AL now owns 579,896 shares of the company’s stock worth $36,754,000 after purchasing an additional 38,981 shares in the last quarter. Finally, Gate City Capital Management LLC purchased a new position in Ingles Markets during the 2nd quarter worth $2,724,000. 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.