Ingles Markets (NASDAQ:IMKTA) Share Price Passes Above 200-Day Moving Average – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $84.36 and traded as high as $94.00. Ingles Markets shares last traded at $91.02, with a volume of 130,010 shares traded.

Analyst Ratings Changes

IMKTA has been the topic of a number of research reports. Wall Street Zen cut shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings cut shares of Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Ingles Markets Stock Down 0.5%

The company has a debt-to-equity ratio of 0.29, a current ratio of 3.34 and a quick ratio of 1.77. The firm has a 50-day simple moving average of $88.86 and a two-hundred day simple moving average of $84.54. The company has a market cap of $1.72 billion, a PE ratio of 16.53 and a beta of 0.61.

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

Ingles Markets Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Thursday, July 9th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $0.66 annualized dividend and a yield of 0.7%. Ingles Markets’s payout ratio is presently 12.02%.

Insider Transactions at Ingles Markets

In other news, Director Dwight L. Jacobs purchased 500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average cost of $88.07 per share, with a total value of $44,035.00. Following the purchase, the director directly owned 500 shares of the company’s stock, valued at approximately $44,035. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Ingles Markets

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc boosted its position in Ingles Markets by 1,021.4% during 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 last quarter. Global Trust Asset Management LLC purchased a new position in shares of Ingles Markets during the 1st quarter worth $38,000. Highlander Partners L.P. acquired a new stake in shares of Ingles Markets during the fourth quarter worth $45,000. Eastern Bank acquired a new stake in shares of Ingles Markets during the fourth quarter worth $48,000. Finally, Torren Management LLC purchased a new stake in shares of Ingles Markets in the fourth quarter valued at $51,000. 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.