Casey's General Stores (NASDAQ:CASY) Reaches New 52-Week High on Analyst Upgrade

Key Points

• KeyCorp upgrade pushed the stock to a new 52-week high — KeyCorp raised its price target to $830 with an "overweight" rating, sending Casey's shares as high as $775.69 (last at $772.36) on the news.
• Quarterly results showed an EPS beat but revenue miss — Casey's reported $3.49 EPS vs. $2.94 expected and $3.92B revenue vs. $4.08B expected, and declared a $0.57 quarterly dividend (0.3% yield).
• Insider buying and heavy institutional ownership — Director Mike Spanos bought 300 shares at ~$665, another insider sold 200 shares, and about 85.6% of the stock is held by hedge funds and other institutions; analyst consensus is a "Moderate Buy" with an average target of $722.36.

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) hit a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $730.00 to $830.00. KeyCorp currently has an overweight rating on the stock. Casey's General Stores traded as high as $775.69 and last traded at $772.36, with a volume of 54306 shares changing hands. The stock had previously closed at $768.45.

A number of other analysts have also commented on CASY. UBS Group boosted their target price on Casey's General Stores from $600.00 to $706.00 and gave the company a "neutral" rating in a research report on Wednesday, March 11th. Deutsche Bank Aktiengesellschaft set a $688.00 price target on Casey's General Stores in a report on Thursday, January 8th. BMO Capital Markets restated a "market perform" rating and set a $700.00 price objective on shares of Casey's General Stores in a report on Wednesday, March 4th. Wall Street Zen lowered Casey's General Stores from a "buy" rating to a "hold" rating in a research report on Saturday, March 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Casey's General Stores in a report on Friday, March 27th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $722.36.

Insider Buying and Selling at Casey's General Stores

In related news, Director Mike Spanos purchased 300 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average cost of $665.43 per share, with a total value of $199,629.00. Following the transaction, the director owned 4,499 shares of the company's stock, valued at $2,993,769.57. This represents a 7.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Katrina S. Lindsey sold 200 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $683.04, for a total value of $136,608.00. Following the transaction, the insider owned 4,039 shares in the company, valued at approximately $2,758,798.56. This trade represents a 4.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC purchased a new stake in Casey's General Stores in the 3rd quarter valued at about $25,000. Westside Investment Management Inc. grew its holdings in shares of Casey's General Stores by 100.0% in the third quarter. Westside Investment Management Inc. now owns 46 shares of the company's stock valued at $26,000 after acquiring an additional 23 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Casey's General Stores by 52.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. True Wealth Design LLC increased its position in shares of Casey's General Stores by 350.0% during the fourth quarter. True Wealth Design LLC now owns 54 shares of the company's stock valued at $30,000 after acquiring an additional 42 shares during the last quarter. Finally, Atlantic Union Bankshares Corp bought a new stake in Casey's General Stores during the third quarter worth $33,000. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Casey's General Stores Stock Performance

The company has a 50-day simple moving average of $696.90 and a two-hundred day simple moving average of $614.65. The company has a quick ratio of 0.64, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The firm has a market cap of $28.60 billion, a PE ratio of 44.42, a PEG ratio of 2.46 and a beta of 0.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Monday, March 9th. The company reported $3.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.94 by $0.55. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $4.08 billion. Casey's General Stores had a return on equity of 17.56% and a net margin of 3.83%.The business's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.33 EPS. As a group, equities research analysts forecast that Casey's General Stores, Inc. will post 18.1 earnings per share for the current year.

Casey's General Stores Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be given a dividend of $0.57 per share. The ex-dividend date is Friday, May 1st. This represents a $2.28 annualized dividend and a yield of 0.3%. Casey's General Stores's dividend payout ratio is presently 13.09%.

About Casey's General Stores

Casey's General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company's stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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