Casey’s General Stores (NASDAQ:CASY) Issues Earnings Results, Beats Expectations By $0.69 EPS

Casey’s General Stores (NASDAQ:CASY) announced its quarterly earnings results on Monday. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.69, RTT News reports. Casey’s General Stores had a net margin of 3.57% and a return on equity of 17.17%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the prior year, the company earned $2.34 EPS. The firm’s revenue was up 10.9% on a year-over-year basis.

Casey’s General Stores Stock Performance

Shares of CASY stock opened at $439.29 on Tuesday. The company has a market cap of $16.31 billion, a P/E ratio of 30.61, a PEG ratio of 2.40 and a beta of 0.65. The business has a 50 day moving average of $447.60 and a two-hundred day moving average of $424.28. Casey’s General Stores has a 52 week low of $322.78 and a 52 week high of $474.97. The company has a quick ratio of 0.49, a current ratio of 0.88 and a debt-to-equity ratio of 0.74.

Casey’s General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 1st will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 0.52%. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.50. Casey’s General Stores’s dividend payout ratio (DPR) is currently 13.94%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CASY shares. Evercore ISI boosted their price target on Casey’s General Stores from $450.00 to $460.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 1st. KeyCorp initiated coverage on Casey’s General Stores in a report on Friday, April 11th. They issued an “overweight” rating and a $500.00 price target for the company. Wall Street Zen downgraded Casey’s General Stores from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Stephens raised Casey’s General Stores to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Gordon Haskett raised shares of Casey’s General Stores from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Casey’s General Stores has an average rating of “Moderate Buy” and an average target price of $430.33.

Insider Transactions at Casey’s General Stores

In related news, Director Mike Spanos bought 256 shares of the stock in a transaction on 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 purchase, the director now owns 3,356 shares in the company, valued at approximately $1,310,652.24. This represents a 8.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Casey’s General Stores stock. Geneos Wealth Management Inc. grew its position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 129.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 186 shares of the company’s stock after purchasing an additional 105 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Casey’s General Stores were worth $81,000 as of its most recent filing with the SEC. 85.63% of the stock is currently owned by institutional investors.

Casey’s General Stores Company Profile

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.