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

Ingles Markets, Incorporated (NASDAQ:IMKTA) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $74.72 and traded as high as $88.42. Ingles Markets shares last traded at $87.00, with a volume of 108,706 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IMKTA shares. 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 “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

Ingles Markets Trading Down 1.7%

The stock has a market cap of $1.65 billion, a PE ratio of 17.37 and a beta of 0.74. The company’s fifty day moving average is $80.22 and its 200-day moving average is $74.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.36 and a quick ratio of 1.69.

Ingles Markets (NASDAQ:IMKTA) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.48 EPS for the quarter. The company 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Thursday, January 8th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, January 8th. Ingles Markets’s dividend payout ratio (DPR) is currently 13.17%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH lifted its stake in shares of Ingles Markets by 24.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 188,964 shares of the company’s stock valued at $13,144,000 after purchasing an additional 37,194 shares during the period. Teacher Retirement System of Texas grew its position in Ingles Markets by 42.7% during the third quarter. Teacher Retirement System of Texas now owns 78,469 shares of the company’s stock valued at $5,458,000 after buying an additional 23,479 shares during the period. Geode Capital Management LLC grew its position in Ingles Markets by 3.5% during the second quarter. Geode Capital Management LLC now owns 427,194 shares of the company’s stock valued at $27,077,000 after buying an additional 14,424 shares during the period. Creative Planning increased its holdings in Ingles Markets by 125.1% in the second quarter. Creative Planning now owns 13,608 shares of the company’s stock valued at $862,000 after buying an additional 7,564 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings 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 valued at $36,754,000 after buying an additional 38,981 shares in the last quarter. 62.54% of the stock is 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.