Ingles Markets (NASDAQ:IMKTA) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Ingles Markets shares rose above their 200-day moving average on Thursday, trading as high as $93.62 and last changing hands at $92.70, up about 2.1% for the day.
• Analyst sentiment remains cautious, with Weiss Ratings and Wall Street Zen both cutting their ratings on IMKTA; MarketBeat says the stock’s average rating is currently “Hold.”
• The company recently reported quarterly earnings and paid a dividend, posting $1.28 EPS on $1.31 billion in revenue and distributing a $0.165 quarterly dividend, equal to a 0.7% annualized yield.

Ingles Markets, Incorporated (NASDAQ:IMKTA - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $85.21 and traded as high as $93.62. Ingles Markets shares last traded at $92.70, with a volume of 121,952 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IMKTA shares. Weiss Ratings cut Ingles Markets from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Wall Street Zen cut Ingles Markets from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Ingles Markets has an average rating of "Hold".

Ingles Markets Trading Up 2.1%

The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 16.89 and a beta of 0.61. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.77 and a current ratio of 3.34. The business has a fifty day moving average price of $89.04 and a 200 day moving average price of $85.21.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.28 EPS for the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.The company had revenue of $1.31 billion for the quarter.

Ingles Markets Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Thursday, July 9th were given a $0.165 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.66 annualized dividend and a yield of 0.7%. Ingles Markets's dividend payout ratio (DPR) is 12.02%.

Insider Activity at Ingles Markets

In related news, Director Dwight L. Jacobs purchased 500 shares of Ingles Markets stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average cost of $88.07 per share, with a total value of $44,035.00. Following the transaction, the director owned 500 shares of the company's stock, valued at approximately $44,035. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 22.80% of the company's stock.

Institutional Trading of Ingles Markets

Large investors have recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of Ingles Markets by 1,021.4% during the second quarter. Versant Capital Management Inc now owns 314 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares during the period. Global Trust Asset Management LLC purchased a new position in Ingles Markets in the first quarter valued at about $38,000. Highlander Partners L.P. purchased a new position in shares of Ingles Markets during the 4th quarter valued at approximately $45,000. Eastern Bank bought a new position in Ingles Markets during the 4th quarter valued at $48,000. Finally, Torren Management LLC bought a new position in shares of Ingles Markets during the fourth quarter worth about $51,000. Institutional investors and hedge funds own 62.54% of the company's stock.

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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