Casey's General Stores (NASDAQ:CASY) Posts Earnings Results, Beats Expectations By $0.75 EPS

Key Points

• Casey's General Stores reported a quarterly earnings per share (EPS) of $5.77, exceeding the consensus estimate of $5.01 by $0.76.
• Shares of Casey's General Stores experienced a price increase, trading up $15.86 to $521.50 on the day following the earnings announcement.
• Despite strong performance, insiders have recently sold a significant number of shares, with a total of 43,646 shares sold valued at over $22 million in the past ninety days.

Casey's General Stores (NASDAQ:CASY - Get Free Report) issued its quarterly earnings results on Monday. The company reported $5.77 EPS for the quarter, topping the consensus estimate of $5.02 by $0.75, Zacks reports. Casey's General Stores had a return on equity of 16.73% and a net margin of 3.54%.The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same period in the previous year, the business posted $4.83 EPS. The company's revenue for the quarter was up 11.5% on a year-over-year basis.

Casey's General Stores Stock Down 0.0%

Shares of CASY stock traded down $0.10 during trading hours on Friday, hitting $553.89. 315,102 shares of the company were exchanged, compared to its average volume of 359,081. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.48 and a current ratio of 1.03. The business's 50-day simple moving average is $516.25 and its two-hundred day simple moving average is $472.05. Casey's General Stores has a one year low of $362.42 and a one year high of $559.37. The stock has a market capitalization of $20.59 billion, a price-to-earnings ratio of 35.55 and a beta of 0.66.

Casey's General Stores Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, October 31st. Casey's General Stores's dividend payout ratio is 14.63%.

Insider Buying and Selling at Casey's General Stores

In other news, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of Casey's General Stores stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $509.21, for a total transaction of $4,317,082.38. Following the sale, the chief financial officer directly owned 26,754 shares in the company, valued at approximately $13,623,404.34. The trade was a 24.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the transaction, the chief executive officer owned 89,840 shares in the company, valued at $45,623,447.20. The trade was a 18.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,646 shares of company stock valued at $21,634,454. 0.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Casey's General Stores

Several hedge funds have recently added to or reduced their stakes in CASY. Advisory Services Network LLC grew its position in Casey's General Stores by 143.8% during the second quarter. Advisory Services Network LLC now owns 2,014 shares of the company's stock valued at $1,048,000 after buying an additional 1,188 shares during the period. Nomura Holdings Inc. bought a new position in shares of Casey's General Stores in the second quarter worth approximately $1,726,000. Evergreen Capital Management LLC bought a new position in shares of Casey's General Stores in the second quarter worth approximately $267,000. Corient Private Wealth LLC boosted its holdings in Casey's General Stores by 13.9% in the second quarter. Corient Private Wealth LLC now owns 186,520 shares of the company's stock valued at $95,249,000 after acquiring an additional 22,744 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Casey's General Stores by 15.5% during the 2nd quarter. Captrust Financial Advisors now owns 4,510 shares of the company's stock valued at $2,301,000 after buying an additional 605 shares in the last quarter. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CASY has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a report on Wednesday. Stephens reaffirmed an "overweight" rating and issued a $530.00 target price on shares of Casey's General Stores in a research report on Tuesday. Wells Fargo & Company raised their price target on Casey's General Stores from $540.00 to $580.00 and gave the company an "overweight" rating in a report on Monday. Jefferies Financial Group boosted their target price on Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, KeyCorp boosted their price objective on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $505.25.

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.