Casey’s General Stores (NASDAQ:CASY) Announces Earnings Results

Casey’s General Stores (NASDAQ:CASY) issued its quarterly earnings results on Monday. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.70, RTT News reports. Casey’s General Stores had a return on equity of 17.17% and a net margin of 3.57%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.34 earnings per share.

Casey’s General Stores Trading Down 1.1%

Shares of Casey’s General Stores stock traded down $4.75 during trading on Monday, hitting $439.29. The company’s stock had a trading volume of 667,600 shares, compared to its average volume of 301,542. The stock has a market cap of $16.31 billion, a price-to-earnings ratio of 30.61, a price-to-earnings-growth ratio of 2.40 and a beta of 0.65. Casey’s General Stores has a 52 week low of $322.78 and a 52 week high of $485.50. The stock has a 50-day moving average price of $447.69 and a two-hundred day moving average price of $424.20. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.49.

Casey’s General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.52%. This is a positive change from Casey’s General Stores’s previous quarterly dividend of $0.50. Casey’s General Stores’s payout ratio is 13.94%.

Insiders Place Their Bets

In related news, insider Katrina S. Lindsey sold 250 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $437.01, for a total transaction of $109,252.50. Following the transaction, the insider now directly owns 2,443 shares of the company’s stock, valued at approximately $1,067,615.43. This represents a 9.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mike Spanos acquired 256 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $390.54 per share, with a total value of $99,978.24. Following the acquisition, the director now owns 3,356 shares of the company’s stock, valued at approximately $1,310,652.24. This represents a 8.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Casey’s General Stores

A hedge fund recently raised its stake in Casey’s General Stores stock. NewEdge Advisors LLC boosted its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 6.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,871 shares of the company’s stock after buying an additional 113 shares during the quarter. NewEdge Advisors LLC’s holdings in Casey’s General Stores were worth $812,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 85.63% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Evercore ISI boosted their price target on Casey’s General Stores from $450.00 to $460.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Gordon Haskett upgraded shares of Casey’s General Stores from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Stephens raised shares of Casey’s General Stores to a “strong-buy” rating in a report on Monday, April 7th. Royal Bank of Canada set a $438.00 price objective on shares of Casey’s General Stores and gave the company a “sector perform” rating in a research note on Wednesday, March 12th. Finally, Wall Street Zen cut Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $430.33.

About Casey’s General Stores

Casey’s General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.