Harbour Capital Advisors LLC Boosts Stake in Casey's General Stores, Inc. $CASY

Key Points

• Harbour Capital Advisors LLC increased its holdings in Casey's General Stores by 60.8% during the second quarter, owning 1,375 shares worth approximately $703,000 at quarter's end.
• Casey's reported $5.77 earnings per share for the last quarter, surpassing estimates by $0.75, and achieved a revenue of $4.57 billion, reflecting an 11.5% increase year-over-year.
• The company announced a quarterly dividend of $0.57 per share, with the upcoming payment scheduled for November 14th, representing a 0.4% dividend yield.

Harbour Capital Advisors LLC increased its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 60.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,375 shares of the company's stock after buying an additional 520 shares during the period. Harbour Capital Advisors LLC's holdings in Casey's General Stores were worth $703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in shares of Casey's General Stores by 190.6% in the first quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock valued at $540,081,000 after purchasing an additional 816,110 shares during the period. GAMMA Investing LLC grew its position in shares of Casey's General Stores by 54,448.8% in the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock worth $236,054,000 after acquiring an additional 542,855 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Casey's General Stores by 42.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after acquiring an additional 306,628 shares during the period. Third Point LLC acquired a new stake in shares of Casey's General Stores during the first quarter worth $130,212,000. Finally, Nuveen LLC purchased a new position in Casey's General Stores in the first quarter valued at about $76,467,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Up 0.8%

Shares of CASY traded up $4.36 during mid-day trading on Tuesday, hitting $551.81. 148,046 shares of the company's stock were exchanged, compared to its average volume of 359,288. The company has a market cap of $20.52 billion, a price-to-earnings ratio of 35.42 and a beta of 0.66. Casey's General Stores, Inc. has a fifty-two week low of $363.00 and a fifty-two week high of $571.57. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.61 and a current ratio of 1.03. The stock's 50-day moving average is $519.96 and its 200-day moving average is $479.03.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, September 8th. The company reported $5.77 EPS for the quarter, topping the consensus estimate of $5.02 by $0.75. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.47 billion. During the same period in the previous year, the firm earned $4.83 EPS. The business's revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts anticipate that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently commented on CASY shares. Wells Fargo & Company increased their price target on Casey's General Stores from $540.00 to $580.00 and gave the stock an "overweight" rating in a research report on Monday, September 8th. Evercore ISI upped their price target on shares of Casey's General Stores from $560.00 to $580.00 and gave the stock an "outperform" rating in a report on Wednesday, September 10th. Stephens reissued an "overweight" rating and set a $530.00 price objective on shares of Casey's General Stores in a research report on Tuesday, September 9th. The Goldman Sachs Group lifted their price objective on shares of Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research note on Wednesday, September 10th. Finally, Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $529.10.

Insider Activity at Casey's General Stores

In related news, CFO Stephen P. Bramlage, Jr. sold 760 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $507.56, for a total transaction of $385,745.60. Following the completion of the transaction, the chief financial officer owned 25,994 shares in the company, valued at $13,193,514.64. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mike Spanos purchased 200 shares of the stock in a transaction on Monday, June 30th. The stock was acquired at an average price of $503.18 per share, with a total value of $100,636.00. Following the completion of the acquisition, the director directly owned 3,560 shares of the company's stock, valued at approximately $1,791,320.80. This represents a 5.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.54% of the stock is currently owned by company insiders.

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.