Casey’s General Stores (NASDAQ:CASY) Trading 5.9% Higher on Better-Than-Expected Earnings

Casey’s General Stores, Inc. (NASDAQ:CASY)’s stock price shot up 5.9% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $412.21 and last traded at $401.19. 88,917 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 281,153 shares. The stock had previously closed at $378.71.

The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.57. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.74 billion. Casey’s General Stores had a return on equity of 17.17% and a net margin of 3.57%. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 EPS.

Casey’s General Stores Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.50%. Casey’s General Stores’s payout ratio is 13.94%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CASY. Evercore ISI lowered their target price on Casey’s General Stores from $460.00 to $450.00 and set an “outperform” rating on the stock in a research note on Tuesday. Royal Bank of Canada set a $438.00 target price on shares of Casey’s General Stores and gave the stock a “sector perform” rating in a research note on Wednesday. Gordon Haskett upgraded Casey’s General Stores from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. BMO Capital Markets restated a “market perform” rating and issued a $450.00 price objective (up from $400.00) on shares of Casey’s General Stores in a report on Wednesday, December 18th. Finally, StockNews.com lowered shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Saturday, March 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $423.09.

Insider Transactions at Casey’s General Stores

In other Casey’s General Stores news, Director Mike Spanos acquired 500 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was purchased at an average price of $396.76 per share, for a total transaction of $198,380.00. Following the completion of the transaction, the director now owns 3,097 shares of the company’s stock, valued at $1,228,765.72. The trade was a 19.25 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Casey’s General Stores

Several large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC boosted its stake in Casey’s General Stores by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,468 shares of the company’s stock worth $628,000 after buying an additional 25 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Casey’s General Stores by 1.3% during the 3rd quarter. Private Trust Co. NA now owns 2,072 shares of the company’s stock valued at $778,000 after buying an additional 27 shares during the period. Dark Forest Capital Management LP raised its holdings in shares of Casey’s General Stores by 3.2% during the 4th quarter. Dark Forest Capital Management LP now owns 902 shares of the company’s stock valued at $357,000 after buying an additional 28 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in Casey’s General Stores by 24.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 149 shares of the company’s stock valued at $59,000 after purchasing an additional 29 shares in the last quarter. Finally, Verus Capital Partners LLC grew its stake in Casey’s General Stores by 3.1% during the 3rd quarter. Verus Capital Partners LLC now owns 991 shares of the company’s stock valued at $372,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 85.63% of the company’s stock.

Casey’s General Stores Trading Up 6.2 %

The company has a current ratio of 0.88, a quick ratio of 0.49 and a debt-to-equity ratio of 0.74. The stock has a market cap of $14.92 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 2.40 and a beta of 0.87. The business has a 50 day simple moving average of $409.76 and a two-hundred day simple moving average of $399.63.

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.