Ingles Markets Declares Cash Dividend Alongside Market Outperformance

IMKTA investors as of July 7 will be paid on July 14

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Ingles Markets, Incorporated (NASDAQ:IMKTA) is an American supermarket chain that operates approximately 200 supermarkets in six southeastern states. IMKTA’s supermarkets offer customers a variety of food products, including grocery, meat, produce, deli, and bakery departments. In addition, the supermarket chain provide pharmacies and fuel at most of their locations, operating shopping centers, gas stations, and a milk processing plant as well.

On June 27, Ingles Markets Incorporated declared a cash dividend of $0.165 per share, signaling a forward dividend of $0.66 and a dividend yield of 0.74%. IMKTA's dividend will be paid on July 14 to shareholders of record on July 7.

Ingles Markets stock has increased about 53% over the past 12 months and it's now struggling to find footing at its year-to-date breakeven. The equity has found a floor at the $84 level, though the 40-day looms overhead as a resistance area on the charts.

The supermarket chain currently owes $622.31 million in total debt and holds just $180.63 million in cash on its balance sheet, which could hurt IMKTA's long-term growth and profits. Nonetheless, Ingles Markets has already managed to increase its trailing 12-month revenues and net income by 7.9% and 11.5%, respectively, in comparison to fiscal 2021. IMKTA has also generated 31.5% revenue growth and 186.1% net income growth since fiscal 2018, indicating an attractive growth rate for a business operating in the retail grocery industry. In addition, Ingles Market stock continues to provide a low valuation at a price-earnings ratio of 6.10 and a price-sales ratio of 0.31, despite IMKTA’s bull run over the past year.

 

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