Casey's General Stores, Inc. $CASY Stock: Hennessy Advisors Inc. Reduces Stake

Key Points

• Hennessy Advisors cut its Casey’s General Stores stake by 3% in the third quarter, selling 2,100 shares and retaining 67,400 shares worth approximately $41 million. Institutional investors collectively own 85.63% of CASY.
• Casey’s reported quarterly EPS of $7.37, beating estimates of $6.78, while revenue rose 24.3% year over year to $5.68 billion. The company declared a quarterly dividend of $0.65, equal to a 0.4% yield.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $835.38, compared with the stock’s reported price of $680.19.

Hennessy Advisors Inc. trimmed its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,400 shares of the company's stock after selling 2,100 shares during the period. Casey's General Stores makes up approximately 1.5% of Hennessy Advisors Inc.'s portfolio, making the stock its 12th biggest holding. Hennessy Advisors Inc. owned approximately 0.18% of Casey's General Stores worth $41,010,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Daiichi Life Insurance Co. Ltd. bought a new position in Casey's General Stores in the second quarter valued at $1,222,000. National Pension Service raised its position in Casey's General Stores by 3,138.9% during the second quarter. National Pension Service now owns 67,466 shares of the company's stock valued at $53,621,000 after purchasing an additional 65,383 shares in the last quarter. NEOS Investment Management LLC bought a new stake in Casey's General Stores during the second quarter worth about $4,602,000. Teachers Retirement System of The State of Kentucky lifted its stake in Casey's General Stores by 52.0% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,079 shares of the company's stock worth $12,431,000 after purchasing an additional 5,846 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Casey's General Stores in the 2nd quarter worth about $15,114,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey's General Stores Stock Performance

Shares of CASY stock opened at $680.19 on Monday. The business has a 50-day moving average of $672.65 and a 200 day moving average of $739.73. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.61. Casey's General Stores, Inc. has a 1-year low of $497.38 and a 1-year high of $927.85. The stock has a market capitalization of $25.14 billion, a PE ratio of 32.76, a P/E/G ratio of 2.20 and a beta of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Tuesday, September 8th. The company reported $7.37 EPS for the quarter, topping analysts' consensus estimates of $6.78 by $0.59. The business had revenue of $5.68 billion for the quarter, compared to analysts' expectations of $5.56 billion. Casey's General Stores had a return on equity of 19.68% and a net margin of 4.14%. The business's quarterly revenue was up 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.77 EPS. As a group, sell-side analysts anticipate that Casey's General Stores, Inc. will post 21.61 earnings per share for the current year.

Casey's General Stores Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Sunday, November 1st will be issued a $0.65 dividend. The ex-dividend date is Friday, October 30th. This represents a $2.60 annualized dividend and a dividend yield of 0.4%. Casey's General Stores's dividend payout ratio (DPR) is currently 12.52%.

Analyst Ratings Changes

CASY has been the topic of several recent research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Casey's General Stores in a research report on Monday, October 19th. Northcoast Research upgraded Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 target price for the company in a research report on Monday, July 13th. BMO Capital Markets set a $810.00 target price on Casey's General Stores in a research report on Thursday, September 10th. UBS Group cut their target price on Casey's General Stores from $925.00 to $720.00 and set a "neutral" rating for the company in a research note on Thursday, September 10th. Finally, KeyCorp reduced their price target on shares of Casey's General Stores from $970.00 to $780.00 and set an "overweight" rating on the stock in a research report on Thursday, September 10th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $835.38.

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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