1832 Asset Management L.P. Sells 7,212 Shares of Casey's General Stores, Inc. $CASY

Key Points

• 1832 Asset Management L.P. has reduced its stake in Casey's General Stores by 20.3%, selling 7,212 shares during the first quarter; they currently own 0.08% of the company, valued at approximately $12.26 million.
• Casey's General Stores recently reported quarterly earnings of $2.63 per share, exceeding analyst expectations, with revenues of $3.99 billion, reflecting a 10.9% year-over-year increase.
• The company has announced an increased quarterly dividend of $0.57 per share, representing a 0.5% dividend yield, up from a previous $0.50.

1832 Asset Management L.P. lessened its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 20.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,243 shares of the company's stock after selling 7,212 shares during the quarter. 1832 Asset Management L.P. owned 0.08% of Casey's General Stores worth $12,259,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. NewEdge Advisors LLC grew its position in Casey's General Stores by 8.7% in the fourth quarter. NewEdge Advisors LLC now owns 1,758 shares of the company's stock valued at $697,000 after acquiring an additional 141 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Casey's General Stores by 66.7% in the 4th quarter. Canada Pension Plan Investment Board now owns 500 shares of the company's stock valued at $198,000 after purchasing an additional 200 shares in the last quarter. MML Investors Services LLC grew its holdings in shares of Casey's General Stores by 7.9% during the 4th quarter. MML Investors Services LLC now owns 4,505 shares of the company's stock valued at $1,785,000 after purchasing an additional 329 shares during the last quarter. TD Waterhouse Canada Inc. increased its position in Casey's General Stores by 29.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company's stock worth $134,000 after purchasing an additional 77 shares in the last quarter. Finally, Dark Forest Capital Management LP lifted its stake in Casey's General Stores by 3.2% in the 4th quarter. Dark Forest Capital Management LP now owns 902 shares of the company's stock valued at $357,000 after purchasing an additional 28 shares during the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Stock Down 1.4%

Casey's General Stores stock opened at $503.26 on Friday. The firm has a market cap of $18.71 billion, a price-to-earnings ratio of 34.38 and a beta of 0.69. Casey's General Stores, Inc. has a 52-week low of $350.52 and a 52-week high of $531.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92. The firm has a 50 day moving average price of $515.09 and a two-hundred day moving average price of $463.46.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.69. The company had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.95 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. Casey's General Stores's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.34 earnings per share. Equities analysts predict that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio is currently 15.57%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CASY shares. KeyCorp boosted their target price 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. The Goldman Sachs Group upped their target price on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Stephens reiterated an "overweight" rating and issued a $490.00 target price on shares of Casey's General Stores in a research report on Tuesday, June 10th. BMO Capital Markets boosted their price target on Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada upped their price objective on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $467.33.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, insider Chad Michael Frazell sold 4,808 shares of Casey's General Stores stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the completion of the sale, the insider directly owned 11,480 shares in the company, valued at approximately $5,785,575.60. The trade was a 29.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 760 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total value of $385,745.60. Following the completion of the transaction, the chief financial officer directly owned 25,994 shares in the company, valued at approximately $13,193,514.64. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,646 shares of company stock valued at $22,136,614 over the last ninety days. Insiders own 0.54% of the company's stock.

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.

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