Ingles Markets (NASDAQ:IMKTA) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• Ingles Markets shares crossed above their 200-day moving average, reaching $88.64 before last trading at $87.53, up 0.9%. The stock’s 200-day average is $87.72, compared with a 50-day average of $89.59.
• Analyst sentiment is broadly positive: Weiss Ratings upgraded the stock to “buy,” Wall Street Zen rated it “buy,” and MarketBeat reports a consensus “Buy” rating.
• The company reported quarterly EPS of $1.36 on $1.37 billion in revenue and maintains a quarterly dividend of $0.165 per share, or $0.66 annually, yielding about 0.8%.

Ingles Markets, Incorporated (NASDAQ:IMKTA - Get Free Report)'s share 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 changing hands.

Wall Street Analysts Forecast Growth

IMKTA has been the topic of a number of recent research reports. Weiss Ratings raised Ingles Markets from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. Wall Street Zen downgraded Ingles Markets from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy".

Ingles Markets Stock Up 0.9%

The company's 50-day simple moving average is $89.59 and its two-hundred day simple moving average is $87.72. The firm has a market capitalization of $1.66 billion, a P/E ratio of 16.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.21 and a quick ratio of 1.75.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter. The firm had revenue of $1.37 billion during the quarter. Ingles Markets had a net margin of 1.92% and a return on equity of 6.30%.

Ingles Markets Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were given a dividend of $0.165 per share. The ex-dividend date was Thursday, July 9th. This represents a $0.66 annualized dividend and a yield of 0.8%. Ingles Markets's payout ratio is 12.07%.

Insider Transactions at Ingles Markets

In related news, Director Dwight L. Jacobs purchased 500 shares of Ingles Markets stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the transaction, the director directly owned 500 shares in the company, valued at $44,035. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 22.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in Ingles Markets by 1,021.4% in the 2nd quarter. Versant Capital Management Inc now owns 314 shares of the company's stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Global Trust Asset Management LLC purchased a new position in Ingles Markets during the first quarter valued at approximately $38,000. Highlander Partners L.P. purchased a new position in Ingles Markets during the fourth quarter valued at approximately $45,000. Torren Management LLC bought a new position in shares of Ingles Markets in the fourth quarter worth approximately $51,000. Finally, Huntington National Bank boosted its position in shares of Ingles Markets by 63.1% in the fourth quarter. Huntington National Bank now owns 778 shares of the company's stock worth $53,000 after purchasing an additional 301 shares during the period. 62.54% of the stock is currently owned by institutional investors.

Ingles Markets Company Profile

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.

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