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

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $87.72 and traded as high as $88.64. Ingles Markets shares last traded at $87.53, with a volume of 112,623 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on IMKTA shares. Weiss Ratings upgraded shares of Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 24th. Wall Street Zen downgraded shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Ingles Markets has a consensus rating of “Buy”.

Ingles Markets Stock Down 1.7%

The company has a market capitalization of $1.65 billion, a PE ratio of 15.91 and a beta of 0.60. The company has a current ratio of 3.21, a quick ratio of 1.75 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $89.62 and a two-hundred day simple moving average of $87.83.

Ingles Markets (NASDAQ:IMKTA) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.36 EPS for the quarter. Ingles Markets had a return on equity of 6.30% and a net margin of 1.92%.The business had revenue of $1.37 billion during the quarter.

Ingles Markets Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Thursday, July 9th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, July 9th. Ingles Markets’s payout ratio is currently 12.07%.

Insider Buying and Selling

In other news, Director Dwight L. Jacobs acquired 500 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the transaction, the director owned 500 shares in the company, valued at $44,035. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 22.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IMKTA. Vanguard Group Inc. raised its holdings in Ingles Markets by 1.6% during the fourth 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 in the last quarter. Brandes Investment Partners LP boosted its holdings in Ingles Markets by 4.0% in the 4th 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 in the last quarter. River Road Asset Management LLC increased its position in Ingles Markets by 2.3% during the 4th quarter. River Road Asset Management LLC now owns 1,007,275 shares of the company’s stock worth $69,049,000 after purchasing an additional 22,979 shares during the period. Dimensional Fund Advisors LP increased its position in Ingles Markets by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 916,178 shares of the company’s stock worth $82,356,000 after purchasing an additional 2,816 shares during the period. Finally, Summer Road LLC raised its stake in shares of Ingles Markets by 17,247.1% during the 1st quarter. Summer Road LLC now owns 433,678 shares of the company’s stock worth $38,983,000 after buying an additional 431,178 shares in the last quarter. 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.