American Century Companies Inc. Boosts Stake in Ingles Markets, Incorporated $IMKTA

Key Points

• American Century Companies Inc. increased its stake in Ingles Markets by 8.1%, owning about 2.71% of the company worth approximately $33.5 million.
• Other institutional investors also made significant changes, with Sterling Capital Management boosting its position by 811.8% during the fourth quarter.
• Wall Street analysts upgraded Ingles Markets from a "hold" rating to a "buy" rating, indicating positive growth expectations for the company.

American Century Companies Inc. grew its stake in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 8.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 514,302 shares of the company's stock after buying an additional 38,408 shares during the period. American Century Companies Inc. owned 2.71% of Ingles Markets worth $33,497,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ingles Markets by 6.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,087 shares of the company's stock valued at $266,000 after buying an additional 232 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of Ingles Markets by 3.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,577 shares of the company's stock valued at $424,000 after buying an additional 249 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Ingles Markets by 1.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,729 shares of the company's stock valued at $1,155,000 after buying an additional 286 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Ingles Markets by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,232 shares of the company's stock valued at $530,000 after buying an additional 313 shares during the period. Finally, State of Wyoming grew its stake in shares of Ingles Markets by 8.4% during the 4th quarter. State of Wyoming now owns 4,578 shares of the company's stock valued at $295,000 after buying an additional 354 shares during the period. 62.54% of the stock is owned by hedge funds and other institutional investors.

Ingles Markets Stock Up 0.5%

Ingles Markets stock traded up $0.33 during trading on Wednesday, reaching $67.69. 88,974 shares of the company's stock were exchanged, compared to its average volume of 136,663. The company's 50-day moving average is $64.86 and its two-hundred day moving average is $63.29. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.53 and a current ratio of 3.14. Ingles Markets, Incorporated has a 52-week low of $58.92 and a 52-week high of $75.63. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 22.79 and a beta of 0.74.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $1.38 earnings per share for the quarter. Ingles Markets had a net margin of 1.05% and a return on equity of 3.60%.

Ingles Markets Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Thursday, July 10th were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, July 10th. Ingles Markets's dividend payout ratio is presently 22.22%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Ingles Markets from a "hold" rating to a "buy" rating in a research report on Tuesday, May 6th.

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.