Ingles Markets (NASDAQ:IMKTA) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Ingles Markets, Incorporated (NASDAQ:IMKTA) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $69.40 and traded as high as $69.45. Ingles Markets shares last traded at $69.21, with a volume of 103,822 shares changing hands.

Analyst Upgrades and Downgrades

IMKTA has been the topic of a number of analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. Wall Street Zen raised Ingles Markets from a “hold” rating to a “buy” rating in a report on Saturday, November 29th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Ingles Markets Trading Down 0.1%

The firm has a market cap of $1.31 billion, a PE ratio of 15.73 and a beta of 0.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.22 and a quick ratio of 1.63. The business has a 50-day moving average price of $72.62 and a two-hundred day moving average price of $69.40.

Ingles Markets Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Thursday, January 8th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, January 8th. Ingles Markets’s payout ratio is currently 15.00%.

Hedge Funds Weigh In On Ingles Markets

Several hedge funds have recently bought and sold shares of IMKTA. Huntington National Bank raised its holdings in shares of Ingles Markets by 45,500.0% in the second quarter. Huntington National Bank now owns 456 shares of the company’s stock worth $29,000 after acquiring an additional 455 shares during the last quarter. Signaturefd LLC increased its position in Ingles Markets by 82.5% during the 2nd quarter. Signaturefd LLC now owns 522 shares of the company’s stock worth $33,000 after purchasing an additional 236 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Ingles Markets in the 3rd quarter valued at about $38,000. First Horizon Advisors Inc. lifted its holdings in Ingles Markets by 192.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 632 shares of the company’s stock valued at $40,000 after purchasing an additional 416 shares in the last quarter. Finally, Colonial Trust Co SC acquired a new stake in shares of Ingles Markets during the 3rd quarter worth about $70,000. Hedge funds and other institutional investors own 62.54% of the company’s stock.

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.