Bank of New York Mellon Corp Has $260.52 Million Stake in Casey's General Stores, Inc. $CASY

Key Points

• Bank of New York Mellon boosted its Casey’s General Stores stake by 12.7% in the fourth quarter, bringing its holdings to 471,343 shares worth about $260.5 million.
• Institutional ownership in CASY remains very high at 85.63%, with several other large investors also making significant moves in the stock during the quarter.
• Analysts are generally constructive on Casey’s: the stock has a Moderate Buy rating overall, with an average price target of $761.36, while the company recently beat earnings expectations even as revenue came in below estimates.

Bank of New York Mellon Corp increased its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 12.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 471,343 shares of the company's stock after buying an additional 53,125 shares during the period. Bank of New York Mellon Corp owned 1.27% of Casey's General Stores worth $260,516,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CASY. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Casey's General Stores by 179,938.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock valued at $1,469,747,000 after purchasing an additional 2,657,687 shares during the period. Norges Bank acquired a new position in Casey's General Stores in the fourth quarter valued at about $265,163,000. Goldman Sachs Group Inc. grew its stake in Casey's General Stores by 175.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock valued at $260,622,000 after acquiring an additional 300,249 shares during the period. Victory Capital Management Inc. grew its stake in Casey's General Stores by 35.4% in the third quarter. Victory Capital Management Inc. now owns 791,415 shares of the company's stock valued at $447,403,000 after acquiring an additional 206,777 shares during the period. Finally, M&T Bank Corp grew its stake in Casey's General Stores by 15,024.5% in the fourth quarter. M&T Bank Corp now owns 193,140 shares of the company's stock valued at $106,750,000 after acquiring an additional 191,863 shares during the period. 85.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CASY has been the subject of a number of research analyst reports. UBS Group boosted their target price on Casey's General Stores from $706.00 to $805.00 and gave the company a "neutral" rating in a research note on Wednesday. Evercore reiterated an "outperform" rating and set a $915.00 target price on shares of Casey's General Stores in a report on Monday, May 18th. KeyCorp increased their target price on Casey's General Stores from $830.00 to $860.00 and gave the stock an "overweight" rating in a report on Friday, April 24th. BMO Capital Markets restated a "market perform" rating and issued a $700.00 price objective on shares of Casey's General Stores in a report on Wednesday, March 4th. Finally, Royal Bank Of Canada raised their price objective on Casey's General Stores from $662.00 to $713.00 and gave the company a "sector perform" rating in a report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $761.36.

Casey's General Stores Trading Down 1.6%

Shares of CASY stock opened at $761.57 on Friday. The firm has a 50 day moving average price of $787.40 and a two-hundred day moving average price of $674.78. 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 company has a market capitalization of $28.15 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.14 and a beta of 0.61. Casey's General Stores, Inc. has a 12-month low of $433.63 and a 12-month high of $901.00.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, March 9th. The company reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.55. Casey's General Stores had a net margin of 3.83% and a return on equity of 17.56%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the business posted $2.33 earnings per share. The business's revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts predict that Casey's General Stores, Inc. will post 18.19 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Katrina S. Lindsey sold 200 shares of Casey's General Stores stock in a transaction that occurred 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 completion of the sale, the insider directly owned 4,039 shares in the company, valued at approximately $2,758,798.56. The trade was a 4.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mike Spanos purchased 300 shares of the company's stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $665.43 per share, with a total value of $199,629.00. Following the completion of 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 disclosure for this purchase is available in the SEC filing. 0.54% of the stock is currently owned by insiders.

Casey's General Stores Profile

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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