Sei Investments Co. Acquires 49,695 Shares of Ingles Markets, Incorporated $IMKTA

Key Points

• Sei Investments increased its Ingles Markets stake by 330.2% in the first quarter, adding 49,695 shares for a total of 64,747 shares valued at approximately $5.82 million. Institutional investors collectively own 62.54% of the company.
• Ingles Markets reported quarterly revenue of $1.31 billion and earnings per share of $1.28, while its stock traded near $91.74—close to its 52-week high of $95.62.
• The company declared a quarterly dividend of $0.165, or $0.66 annually, representing a 0.7% yield and a 12.02% payout ratio. MarketBeat’s analyst consensus remains “Buy.”

Sei Investments Co. boosted its holdings in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 330.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,747 shares of the company's stock after purchasing an additional 49,695 shares during the period. Sei Investments Co. owned about 0.34% of Ingles Markets worth $5,820,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Summer Road LLC lifted its holdings in Ingles Markets by 17,247.1% in the 1st quarter. Summer Road LLC now owns 433,678 shares of the company's stock worth $38,983,000 after buying an additional 431,178 shares during the period. Bragg Financial Advisors Inc increased its stake in shares of Ingles Markets by 22.7% during the fourth quarter. Bragg Financial Advisors Inc now owns 372,210 shares of the company's stock valued at $25,515,000 after buying an additional 68,909 shares during the period. UBS Group AG increased its stake in shares of Ingles Markets by 167.3% during the third quarter. UBS Group AG now owns 102,333 shares of the company's stock valued at $7,118,000 after buying an additional 64,049 shares during the period. Brandes Investment Partners LP raised its holdings in shares of Ingles Markets by 4.0% during the fourth quarter. Brandes Investment Partners LP now owns 1,206,646 shares of the company's stock valued at $82,716,000 after acquiring an additional 46,269 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Ingles Markets by 29.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 181,222 shares of the company's stock valued at $12,423,000 after acquiring an additional 41,697 shares in the last quarter. Institutional investors own 62.54% of the company's stock.

Ingles Markets Stock Performance

Ingles Markets stock opened at $91.74 on Wednesday. The stock's 50 day simple moving average is $89.78 and its two-hundred day simple moving average is $87.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.77 and a current ratio of 3.34. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 16.71 and a beta of 0.60. Ingles Markets, Incorporated has a fifty-two week low of $59.27 and a fifty-two week high of $95.62.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter. The firm had revenue of $1.31 billion during the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.

Ingles Markets Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, July 9th. Ingles Markets's dividend payout ratio is presently 12.02%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen cut shares of Ingles Markets from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Weiss Ratings upgraded shares of Ingles Markets from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy".

Insider Transactions at Ingles Markets

In other news, Director Dwight L. Jacobs acquired 500 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the acquisition, the director owned 500 shares in the company, valued at $44,035. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 22.80% of the company's stock.

About Ingles Markets

Ingles Markets, Inc NASDAQ: IMKTA is a family‐owned regional supermarket chain headquartered in Asheville, North Carolina. Since its founding in 1963 by Robert P. Ingle Sr., the company has grown to serve communities across the southeastern United States, including North Carolina, South Carolina, Georgia, Tennessee, Virginia and Alabama. Ingles Markets operates a full-service grocery platform, delivering a broad assortment of fresh produce, meat and seafood, bakery items, deli offerings and dairy products alongside pantry staples and household essentials.

In addition to traditional grocery departments, Ingles Markets provides in-store pharmacy services and fuel centers at many of its locations.

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