California State Teachers Retirement System Buys 46,000,642 Shares of Casey's General Stores, Inc. $CASY

Key Points

• CalSTRS reported a massive increase in its Casey’s General Stores stake, acquiring 46.0 million additional shares in the second quarter and holding 46.04 million shares afterward. The filing’s reported 124.41% ownership figure appears inconsistent and may reflect a data error.
• Casey’s insiders sold 30,243 shares worth approximately $24.4 million over the past quarter, including CEO Darren Rebelez’s $15.2 million sale.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $928.53. Casey’s also exceeded quarterly earnings expectations, reporting $4.37 in EPS versus the $3.31 consensus and 14.5% year-over-year revenue growth.

California State Teachers Retirement System raised its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 106,650.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,043,774 shares of the company's stock after acquiring an additional 46,000,642 shares during the quarter. California State Teachers Retirement System owned approximately 124.41% of Casey's General Stores worth $36,595,131,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Kathmere Capital Management LLC raised its holdings in shares of Casey's General Stores by 3.5% in the 1st quarter. Kathmere Capital Management LLC now owns 387 shares of the company's stock worth $282,000 after purchasing an additional 13 shares during the period. Pinnacle Bancorp Inc. grew its holdings in Casey's General Stores by 4.8% during the first quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company's stock valued at $221,000 after purchasing an additional 14 shares during the period. Lincoln Capital LLC increased its position in Casey's General Stores by 4.0% in the second quarter. Lincoln Capital LLC now owns 366 shares of the company's stock worth $291,000 after buying an additional 14 shares during the last quarter. Menard Financial Group LLC increased its position in Casey's General Stores by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 1,267 shares of the company's stock worth $700,000 after buying an additional 15 shares during the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Casey's General Stores by 0.3% in the fourth quarter. Cibc World Market Inc. now owns 5,136 shares of the company's stock valued at $2,839,000 after buying an additional 16 shares during the period. 85.63% of the stock is owned by institutional investors.

Insider Transactions at Casey's General Stores

In related news, CEO Darren M. Rebelez sold 19,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the sale, the chief executive officer directly owned 89,174 shares of the company's stock, valued at $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Katrina S. Lindsey sold 2,000 shares of Casey's General Stores stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $800.00, for a total transaction of $1,600,000.00. Following the sale, the insider owned 6,668 shares of the company's stock, valued at approximately $5,334,400. The trade was a 23.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $913.00 price target on shares of Casey's General Stores in a research report on Wednesday, July 29th. Wolfe Research restated an "outperform" rating and issued a $1,069.00 price objective on shares of Casey's General Stores in a research note on Thursday, June 11th. UBS Group dropped their price objective on shares of Casey's General Stores from $945.00 to $925.00 and set a "neutral" rating on the stock in a report on Thursday, August 27th. Weiss Ratings downgraded shares of Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a report on Tuesday, July 21st. Finally, BNP Paribas Exane cut their target price on shares of Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $928.53.

Casey's General Stores Stock Performance

Casey's General Stores stock opened at $756.09 on Monday. The stock has a market cap of $27.98 billion, a P/E ratio of 39.46, a PEG ratio of 2.58 and a beta of 0.59. Casey's General Stores, Inc. has a fifty-two week low of $497.38 and a fifty-two week high of $927.85. The firm's fifty day moving average price is $827.10 and its 200-day moving average price is $785.62. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the business posted $2.63 earnings per share. The firm's revenue was up 14.5% compared to the same quarter last year. Equities research analysts forecast that Casey's General Stores, Inc. will post 21.13 earnings per share for the current fiscal year.

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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