Ingles Markets (NASDAQ:IMKTA) Stock Price Passes Above 200 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 $75.39 and traded as high as $87.50. Ingles Markets shares last traded at $86.61, with a volume of 91,200 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wall Street Zen upgraded Ingles Markets from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Ingles Markets currently has a consensus rating of “Hold”.

Ingles Markets Trading Up 1.8%

The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.29 and a beta of 0.74. The business has a 50-day moving average of $82.08 and a two-hundred day moving average of $75.39. The company has a quick ratio of 1.69, a current ratio of 3.36 and a debt-to-equity ratio of 0.30.

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

Ingles Markets Announces Dividend

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

Institutional Investors Weigh In On Ingles Markets

Institutional investors have recently bought and sold shares of the business. Allianz Asset Management GmbH raised its holdings 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 worth $13,144,000 after buying an additional 37,194 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Ingles Markets by 42.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 78,469 shares of the company’s stock worth $5,458,000 after buying an additional 23,479 shares during the period. Geode Capital Management LLC boosted its stake in Ingles Markets by 3.5% in the 2nd 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 in the last quarter. Creative Planning boosted its stake in Ingles Markets by 125.1% in the 2nd 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 grew its position 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 acquiring an additional 38,981 shares during the period. Institutional investors and hedge funds 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.