Ingles Markets (NASDAQ:IMKTA) Stock Price Crosses Below 200-Day Moving Average - Time to Sell?

Key Points

• Ingles Markets shares fell below their 200-day moving average of $85.97, trading as low as $85.44 and last changing hands at $85.49; the stock was down 2.1%.
• Despite the technical weakness, Weiss Ratings reiterated a “buy (b-)” rating, and the analyst consensus remains Buy.
• The company reported quarterly earnings of $1.36 per share on $1.37 billion in revenue and pays a quarterly dividend of $0.165 per share, equating to a 0.8% yield.

Ingles Markets, Incorporated (NASDAQ:IMKTA - Get Free Report) shares passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $85.97 and traded as low as $85.44. Ingles Markets shares last traded at $85.49, with a volume of 84,943 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "buy (b-)" rating on shares of Ingles Markets in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy".

Ingles Markets Stock Down 2.1%

The firm's fifty day moving average price is $84.35 and its two-hundred day moving average price is $85.97. The stock has a market capitalization of $1.62 billion, a PE ratio of 15.63 and a beta of 0.57.

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 for the quarter. The company had revenue of $1.37 billion for the quarter.

Ingles Markets Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 8th were paid a dividend of $0.1650 per share. The ex-dividend date was Thursday, October 8th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Ingles Markets's payout ratio is currently 12.07%.

Hedge Funds Weigh In On Ingles Markets

A number of institutional investors and hedge funds have recently modified their holdings of IMKTA. Versant Capital Management Inc grew its holdings in shares of Ingles Markets by 1,021.4% in the second quarter. Versant Capital Management Inc now owns 314 shares of the company's stock worth $28,000 after acquiring an additional 286 shares during the period. Integrated Wealth Concepts LLC bought a new position in Ingles Markets in the second quarter valued at about $35,000. Global Trust Asset Management LLC bought a new position in Ingles Markets in the first quarter valued at about $38,000. State of Alaska Department of Revenue lifted its holdings in Ingles Markets by 21.5% in the third quarter. State of Alaska Department of Revenue now owns 678 shares of the company's stock valued at $57,000 after acquiring an additional 120 shares during the period. Finally, New York State Teachers Retirement System bought a new position in Ingles Markets in the first quarter valued at about $121,000. 62.54% of the stock is currently owned by hedge funds and other institutional investors.

About Ingles Markets

Ingles Markets, Inc operates a regional chain of supermarkets serving communities primarily across the southeastern United States. Its stores offer a broad selection of groceries, including fresh produce, meat, seafood, bakery and deli items, packaged foods, beverages, and health and household products.

The company also operates in-store pharmacies and fuel centers at many locations. Through its distribution and dairy operations, Ingles supports the supply of products to its supermarkets, including milk and other dairy products processed by its Milkco subsidiary.

Founded in 1963 by Robert P.

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