Corient IA LLC Buys New Position in Casey's General Stores, Inc. $CASY

Key Points

• Corient IA LLC acquired 2,092 shares of Casey's General Stores, Inc., valued at approximately $908,000, marking it as the 25th largest position in their portfolio.
• Insiders at Casey's, including CFO Stephen P. Bramlage, Jr., sold significant shares recently, indicating a 24.06% decrease in Bramlage's holdings after selling 8,478 shares valued at over $4.3 million.
• Casey's General Stores recently raised its quarterly dividend from $0.50 to $0.57 per share, which reflects a commitment to returning value to shareholders amid positive financial performance.

Corient IA LLC acquired a new position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,092 shares of the company's stock, valued at approximately $908,000. Casey's General Stores makes up approximately 0.6% of Corient IA LLC's holdings, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in CASY. Versant Capital Management Inc acquired a new position in shares of Casey's General Stores during the first quarter worth about $25,000. Global Financial Private Client LLC grew its position in shares of Casey's General Stores by 325.0% during the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after buying an additional 52 shares in the last quarter. Iron Horse Wealth Management LLC grew its position in shares of Casey's General Stores by 40.0% during the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after buying an additional 26 shares in the last quarter. Whipplewood Advisors LLC grew its position in shares of Casey's General Stores by 160.0% during the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock worth $51,000 after buying an additional 72 shares in the last quarter. Finally, Wayfinding Financial LLC acquired a new position in shares of Casey's General Stores during the first quarter worth about $59,000. 85.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CASY shares. Wells Fargo & Company boosted their price objective on Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada upped their price target on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a report on Wednesday, July 9th. The Goldman Sachs Group upped their price target on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a report on Wednesday, June 11th. KeyCorp upped their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Casey's General Stores has an average rating of "Moderate Buy" and an average target price of $467.33.

Insiders Place Their Bets

In other Casey's General Stores news, insider Chad Michael Frazell sold 4,808 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 11,480 shares of the company's stock, valued at approximately $5,785,575.60. This trade represents a 29.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katrina S. Lindsey sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $506.07, for a total value of $1,012,140.00. Following the completion of the sale, the insider directly owned 4,636 shares in the company, valued at approximately $2,346,140.52. The trade was a 30.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,646 shares of company stock valued at $22,136,614. Company insiders own 0.54% of the company's stock.

Casey's General Stores Stock Performance

Shares of CASY stock traded up $4.35 during trading hours on Wednesday, hitting $513.39. The stock had a trading volume of 338,143 shares, compared to its average volume of 350,549. The firm has a market capitalization of $19.09 billion, a PE ratio of 35.07 and a beta of 0.69. Casey's General Stores, Inc. has a twelve month low of $350.52 and a twelve month high of $531.24. The stock's 50 day moving average is $514.80 and its 200 day moving average is $461.68. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%.The company's revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the company earned $2.34 earnings per share. As a group, research analysts forecast that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were given a $0.57 dividend. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 1st. Casey's General Stores's dividend payout ratio (DPR) is 15.57%.

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.