Ingles Markets (NASDAQ:IMKTA) Stock Crosses Above Fifty Day Moving Average – What’s Next?

Ingles Markets, Incorporated (NASDAQ:IMKTA)’s share price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $84.39 and traded as high as $85.75. Ingles Markets shares last traded at $85.16, with a volume of 61,835 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of Ingles Markets in a research report on Thursday, October 22nd. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat, Ingles Markets presently has an average rating of “Buy”.

Ingles Markets Price Performance

The stock has a market cap of $1.59 billion, a PE ratio of 15.42 and a beta of 0.56. The company has a current ratio of 3.21, a quick ratio of 1.75 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $84.52 and its 200-day moving average is $86.77.

Ingles Markets Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders 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 annualized dividend and a dividend yield of 0.8%. Ingles Markets’s dividend payout ratio (DPR) is currently 12.07%.

Institutional Trading of Ingles Markets

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP increased its holdings in Ingles Markets by 23.5% during the 3rd quarter. First Trust Advisors LP now owns 68,000 shares of the company’s stock worth $5,768,000 after purchasing an additional 12,929 shares during the last quarter. FCA Corp TX raised its position in shares of Ingles Markets by 1.2% in the 3rd quarter. FCA Corp TX now owns 61,399 shares of the company’s stock valued at $5,208,000 after purchasing an additional 707 shares in the last quarter. Focus Advisor Solutions LLC raised its position in shares of Ingles Markets by 31.0% in the 3rd quarter. Focus Advisor Solutions LLC now owns 4,759 shares of the company’s stock valued at $404,000 after purchasing an additional 1,125 shares in the last quarter. Royce & Associates LP raised its position in shares of Ingles Markets by 13.7% in the 3rd quarter. Royce & Associates LP now owns 191,000 shares of the company’s stock valued at $16,201,000 after purchasing an additional 23,000 shares in the last quarter. Finally, Pictet Asset Management Holding SA purchased a new position in shares of Ingles Markets during the 3rd quarter valued at approximately $208,000. 62.54% of the stock is owned by hedge funds and other institutional investors.

About Ingles Markets

Ingles Markets is a regional supermarket operator serving communities across the southeastern United States. Its stores sell groceries and other everyday essentials, including fresh produce, meat, dairy products, bakery items, and household goods. Many locations also offer services such as pharmacies and fuel centers. The company operates primarily in North Carolina, Georgia, South Carolina, Tennessee, and Virginia. Its business also includes food-related operations that support its retail stores, such as a milk processing facility and a distribution center.