1832 Asset Management L.P. Cuts Holdings in Casey’s General Stores, Inc. (NASDAQ:CASY)

1832 Asset Management L.P. lowered its stake in Casey’s General Stores, Inc. (NASDAQ:CASY) by 14.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,783 shares of the company’s stock after selling 7,011 shares during the period. 1832 Asset Management L.P. owned about 0.11% of Casey’s General Stores worth $15,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Rise Advisors LLC purchased a new stake in shares of Casey’s General Stores during the first quarter worth approximately $30,000. Park Place Capital Corp purchased a new stake in shares of Casey’s General Stores in the 2nd quarter valued at approximately $31,000. Advisors Asset Management Inc. acquired a new stake in shares of Casey’s General Stores in the 1st quarter valued at $32,000. Innealta Capital LLC acquired a new stake in shares of Casey’s General Stores in the 2nd quarter valued at $32,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Casey’s General Stores during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 85.63% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CASY. Deutsche Bank Aktiengesellschaft raised their price target on Casey’s General Stores from $420.00 to $444.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada raised their target price on Casey’s General Stores from $393.00 to $403.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 5th. Melius Research initiated coverage on Casey’s General Stores in a research note on Monday. They set a “buy” rating and a $435.00 target price for the company. JPMorgan Chase & Co. lowered shares of Casey’s General Stores from a “neutral” rating to an “underweight” rating and increased their price target for the company from $300.00 to $337.00 in a research note on Thursday, September 19th. Finally, Benchmark restated a “buy” rating and set a $410.00 price objective on shares of Casey’s General Stores in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and an average target price of $407.64.

Casey’s General Stores Stock Up 2.7 %

Shares of NASDAQ:CASY opened at $377.94 on Tuesday. Casey’s General Stores, Inc. has a 1-year low of $260.13 and a 1-year high of $401.07. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.84 and a quick ratio of 0.44. The stock has a market cap of $14.03 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.58 and a beta of 0.80. The firm has a fifty day moving average price of $374.26 and a 200 day moving average price of $348.54.

Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.29. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.15 billion. Casey’s General Stores had a net margin of 3.40% and a return on equity of 17.07%. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 earnings per share. Sell-side analysts predict that Casey’s General Stores, Inc. will post 14.15 EPS for the current year.

Casey’s General Stores Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Friday, November 1st. Casey’s General Stores’s payout ratio is currently 14.89%.

Insider Transactions at Casey’s General Stores

In related news, insider Thomas P. Brennan, Jr. sold 3,000 shares of Casey’s General Stores stock in a transaction on Friday, September 6th. The shares were sold at an average price of $380.24, for a total value of $1,140,720.00. Following the transaction, the insider now directly owns 9,044 shares in the company, valued at approximately $3,438,890.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Darren M. Rebelez sold 13,500 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the completion of the transaction, the chief executive officer now directly owns 73,838 shares of the company’s stock, valued at approximately $27,655,284.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas P. Brennan, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $380.24, for a total value of $1,140,720.00. Following the completion of the sale, the insider now directly owns 9,044 shares of the company’s stock, valued at $3,438,890.56. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

About Casey’s General Stores

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.