Ingles Markets (NASDAQ:IMKTA) Shares Gap Up – Here’s Why

Ingles Markets, Incorporated (NASDAQ:IMKTA) shares 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 trading hands.

Analyst Ratings Changes

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

Ingles Markets Trading Up 8.5 %

The business has a 50-day moving average of $68.73 and a 200-day moving average of $71.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.99 and a quick ratio of 1.49. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 8.00 and a beta of 0.70.

Ingles Markets (NASDAQ:IMKTA) last released its earnings results on Thursday, August 8th. The company reported $1.67 earnings per share for the quarter. Ingles Markets had a net margin of 2.74% and a return on equity of 10.58%. The business had revenue of $1.39 billion during the quarter.

Ingles Markets Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Thursday, October 10th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, October 10th. Ingles Markets’s payout ratio is currently 7.86%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL grew its position in shares of Ingles Markets by 1.2% in the first quarter. Gamco Investors INC. ET AL now owns 550,595 shares of the company’s stock valued at $42,220,000 after purchasing an additional 6,475 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Ingles Markets by 0.3% in the second quarter. Gabelli Funds LLC now owns 376,100 shares of the company’s stock valued at $25,804,000 after buying an additional 1,000 shares in the last quarter. American Century Companies Inc. raised its position in shares of Ingles Markets by 9.5% in the 2nd quarter. American Century Companies Inc. now owns 369,184 shares of the company’s stock valued at $25,330,000 after buying an additional 32,013 shares in the last quarter. Bridgeway Capital Management LLC grew its position in Ingles Markets by 2.6% in the first quarter. Bridgeway Capital Management LLC now owns 231,074 shares of the company’s stock valued at $17,719,000 after acquiring an additional 5,950 shares during the last quarter. Finally, Brandes Investment Partners LP boosted its stake in shares of Ingles Markets by 111.0% in the 2nd quarter. Brandes Investment Partners LP now owns 196,753 shares of the company’s stock valued at $13,480,000 after purchasing an additional 103,507 shares in the last quarter. 62.54% of the stock is owned by institutional investors and hedge funds.

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.