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

Ingles Markets, Incorporated (NASDAQ:IMKTA - Get Free Report) gapped up before the market opened 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 traded.

Analysts Set New Price Targets

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

Ingles Markets Stock Up 5.9 %

The firm's 50 day simple moving average is $68.73 and its 200-day simple moving average is $71.32. 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 stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 8.00 and a beta of 0.70.

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

Ingles Markets Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Thursday, October 10th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Thursday, October 10th. Ingles Markets's dividend payout ratio (DPR) is presently 7.86%.

Institutional Investors Weigh In On Ingles Markets

Several hedge funds have recently added to or reduced their stakes in IMKTA. Baker Ellis Asset Management LLC boosted its holdings in shares of Ingles Markets by 0.3% during the second quarter. Baker Ellis Asset Management LLC now owns 55,641 shares of the company's stock worth $3,818,000 after acquiring an additional 181 shares during the period. CWM LLC lifted its holdings in Ingles Markets by 240.9% during the 2nd quarter. CWM LLC now owns 433 shares of the company's stock worth $30,000 after purchasing an additional 306 shares during the last quarter. GAMMA Investing LLC boosted its stake in Ingles Markets by 413.9% in the 3rd 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. Sei Investments Co. boosted its stake in Ingles Markets by 12.1% in the 2nd quarter. Sei Investments Co. now owns 3,844 shares of the company's stock valued at $264,000 after purchasing an additional 416 shares during the period. Finally, Inspire Investing LLC grew its holdings in Ingles Markets by 9.5% in the 2nd quarter. Inspire Investing LLC now owns 5,170 shares of the company's stock valued at $355,000 after buying an additional 447 shares in the last quarter. Institutional investors and hedge funds own 62.54% of the company's stock.

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.