Ingles Markets (NASDAQ:IMKTA) Shares Gap Up – Still a Buy?

Ingles Markets, Incorporated (NASDAQ:IMKTA) gapped up prior to trading on Wednesday . The stock had previously closed at $61.51, but opened at $65.50. Ingles Markets shares last traded at $65.00, with a volume of 20,211 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 21st.

Ingles Markets Stock Down 1.9 %

The firm has a 50 day moving average price of $68.48 and a 200-day moving average price of $71.22. The company has a current ratio of 2.99, a quick ratio of 1.49 and a debt-to-equity ratio of 0.34. The firm has a market cap of $1.21 billion, a PE ratio of 7.60 and a beta of 0.70.

Ingles Markets (NASDAQ:IMKTA) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.67 EPS for the quarter. The company had revenue of $1.39 billion for the quarter. Ingles Markets had a net margin of 2.74% and a return on equity of 10.58%.

Ingles Markets Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Stockholders of record on Thursday, October 10th were issued a $0.165 dividend. The ex-dividend date was Thursday, October 10th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.03%. Ingles Markets’s payout ratio is 7.86%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IMKTA. CWM LLC grew its holdings in shares of Ingles Markets by 240.9% during the second quarter. CWM LLC now owns 433 shares of the company’s stock worth $30,000 after buying an additional 306 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Ingles Markets by 413.9% in the third quarter. GAMMA Investing LLC now owns 406 shares of the company’s stock valued at $30,000 after purchasing an additional 327 shares during the period. Signaturefd LLC raised its position in Ingles Markets by 101.0% during the 2nd quarter. Signaturefd LLC now owns 1,003 shares of the company’s stock worth $69,000 after buying an additional 504 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Ingles Markets in the second quarter valued at approximately $69,000. Finally, Innealta Capital LLC acquired a new stake in Ingles Markets in the second quarter valued at $74,000. 62.54% of the stock is currently owned by institutional investors and hedge funds.

Ingles Markets Company Profile

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.