American Century Companies Inc. Has $33.50 Million Stock Position 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. lifted its position in Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 514,302 shares of the company's stock after acquiring an additional 38,408 shares during the quarter. American Century Companies Inc. owned approximately 2.71% of Ingles Markets worth $33,497,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in IMKTA. Sterling Capital Management LLC lifted its position in shares of Ingles Markets by 811.8% in the 4th quarter. Sterling Capital Management LLC now owns 465 shares of the company's stock valued at $30,000 after acquiring an additional 414 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Ingles Markets by 296.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,252 shares of the company's stock valued at $81,000 after acquiring an additional 936 shares in the last quarter. Summer Road LLC lifted its position in shares of Ingles Markets by 125.0% in the 1st quarter. Summer Road LLC now owns 1,800 shares of the company's stock valued at $115,000 after acquiring an additional 1,000 shares in the last quarter. DMC Group LLC purchased a new stake in shares of Ingles Markets in the 1st quarter valued at approximately $239,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Ingles Markets in the 1st quarter valued at approximately $242,000. Hedge funds and other institutional investors own 62.54% of the company's stock.

Analysts Set New Price Targets

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

Ingles Markets Stock Down 0.6%

IMKTA stock traded down $0.40 during midday trading on Monday, reaching $67.58. The company had a trading volume of 81,197 shares, compared to its average volume of 122,655. The company has a 50 day moving average of $64.47 and a two-hundred day moving average of $63.21. Ingles Markets, Incorporated has a 1 year low of $58.92 and a 1 year high of $75.63. The company has a market capitalization of $1.28 billion, a P/E ratio of 22.75 and a beta of 0.74. The company has a current ratio of 3.14, a quick ratio of 1.53 and a debt-to-equity ratio of 0.32.

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

Ingles Markets Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Stockholders of record on Thursday, July 10th were paid a dividend of $0.165 per share. The ex-dividend date was Thursday, July 10th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Ingles Markets's dividend payout ratio is 22.22%.

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.