LONDON, UK / ACCESSWIRE / January 09, 2018 / Active-Investors has a free review on Ingles Markets, Inc. (NASDAQ: IMKTA) following the Company's announcement that it will begin trading ex-dividend on January 10, 2018. To capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on January 09, 2018. Active-Investors has initiated due-diligence on this dividend stock. Register with us for more free research including the one on IMKTA:
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Dividend Declared
On January 02, 2018, Ingles Markets announced that its Board of Directors has declared a cash dividend of $0.165 per share on all its Class A Common Stock and $0.15 per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Company's Class A and Class B Common Stock are payable January 18, 2018, to all shareholders of record on January 11, 2018.
Ingles Markets' indicated dividend represents a yield of 1.89%, which is higher compared to the average dividend yield of 1.85% for the Services sector. The Company has paid cash dividends on its Common Stock in each of the past 33 fiscal years, except for the 1984 fiscal year when the Company paid a 3% stock dividend.
Dividend Insight
Ingles Markets has a dividend payout ratio of 23.2%, which denotes that the Company spends approximately $0.23 for dividend distribution out of every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Ingles Markets is forecasted to report earnings of $2.85 per share for the next year, which is substantially above the Company's annualized dividend of $0.66 per share.
As of September 30, 2017, Ingles Markets' cash and cash equivalents totaled $23.91 million compared to $5.68 million as on September 24, 2016. At September 30, 2017, the Company had total consolidated indebtedness for borrowed money of $877.9 million and $165.5 million available under a $175.0 million of committed line of credit. Ingles Markets' generated $156.3 million of cash from operations in fiscal 2017 compared to $159.0 million for fiscal 2016. The primary reasons for the slight decrease were changes in net working capital. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
About Ingles Markets, Inc.
Ingles Markets is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 200 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Company supermarkets and unaffiliated customers.
Stock Performance Snapshot
January 08, 2018 - At Monday's closing bell, Ingles Markets' stock advanced 1.43%, ending the trading session at $35.45.
Volume traded for the day: 155.15 thousand shares, which was above the 3-month average volume of 108.71 thousand shares.
Stock performance in the last month – up 27.98%; previous three-month period – up 33.77%; past six-month period – up 19.97%; and year-to-date – up 2.46%
After yesterday's close, Ingles Markets' market cap was at $722.12 million.
Price to Earnings (P/E) ratio was at 13.33.
The stock has a dividend yield of 1.86%.
The stock is part of the Services sector, categorized under the Grocery Stores industry. This sector was up 0.2% at the end of the session.
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