Ingles Markets (NASDAQ:IMKTA) Hits New 52-Week High – Still a Buy?

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) hit a new 52-week high during trading on Friday . The stock traded as high as $75.69 and last traded at $75.36, with a volume of 19028 shares. The stock had previously closed at $73.66.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Ingles Markets in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Ingles Markets presently has a consensus rating of “Hold”.

Ingles Markets Stock Up 2.4%

The firm has a market cap of $1.43 billion, a P/E ratio of 25.38 and a beta of 0.74. The company’s 50-day simple moving average is $71.60 and its 200 day simple moving average is $66.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.14 and a quick ratio of 1.53.

Ingles Markets Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Investors of record on Thursday, October 9th were given a $0.165 dividend. The ex-dividend date was Thursday, October 9th. This represents a $0.66 annualized dividend and a yield of 0.9%. Ingles Markets’s dividend payout ratio (DPR) is currently 22.22%.

Hedge Funds Weigh In On Ingles Markets

Institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its holdings in Ingles Markets by 19.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,745 shares of the company’s stock valued at $570,000 after buying an additional 1,410 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Ingles Markets by 23.4% in the first quarter. Allianz Asset Management GmbH now owns 147,777 shares of the company’s stock valued at $9,625,000 after acquiring an additional 28,045 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Ingles Markets by 20.2% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 109,760 shares of the company’s stock valued at $7,149,000 after acquiring an additional 18,412 shares during the period. Royce & Associates LP lifted its holdings in shares of Ingles Markets by 0.7% in the 1st quarter. Royce & Associates LP now owns 409,700 shares of the company’s stock worth $26,684,000 after acquiring an additional 2,700 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in shares of Ingles Markets during the 1st quarter worth about $242,000. Hedge funds and other institutional investors own 62.54% of the company’s stock.

About Ingles Markets

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.