Ingles Markets (NASDAQ:IMKTA) Stock Price Down 5.1% – What’s Next?

Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) fell 5.1% on Wednesday . The stock traded as low as $70.61 and last traded at $70.28. 43,161 shares traded hands during trading, a decline of 63% from the average session volume of 115,837 shares. The stock had previously closed at $74.06.

Analyst Upgrades and Downgrades

Several brokerages have commented on IMKTA. Wall Street Zen upgraded shares of Ingles Markets from a “hold” rating to a “buy” rating in a research note on Saturday, November 29th. Weiss Ratings restated a “hold (c)” rating on shares of Ingles Markets in a report on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Ingles Markets Trading Down 0.9%

The firm has a fifty day moving average of $73.35 and a 200-day moving average of $68.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.63 and a current ratio of 3.22. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 16.01 and a beta of 0.76.

Ingles Markets Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Shareholders of record on Thursday, October 9th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, October 9th. Ingles Markets’s dividend payout ratio is currently 15.00%.

Institutional Trading of Ingles Markets

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Ingles Markets by 1.9% in the first quarter. Vanguard Group Inc. now owns 1,257,669 shares of the company’s stock valued at $81,912,000 after purchasing an additional 22,970 shares during the period. River Road Asset Management LLC lifted its holdings in Ingles Markets by 0.9% in the 2nd quarter. River Road Asset Management LLC now owns 984,705 shares of the company’s stock worth $61,967,000 after buying an additional 8,886 shares in the last quarter. Brandes Investment Partners LP boosted its position in Ingles Markets by 16.5% in the 2nd quarter. Brandes Investment Partners LP now owns 948,627 shares of the company’s stock valued at $60,124,000 after buying an additional 134,398 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Ingles Markets by 7.2% during the second quarter. Gamco Investors INC. ET AL now owns 579,896 shares of the company’s stock valued at $36,754,000 after acquiring an additional 38,981 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Ingles Markets by 4.5% during the third quarter. American Century Companies Inc. now owns 561,306 shares of the company’s stock worth $39,045,000 after acquiring an additional 24,406 shares during the last quarter. 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.