CX Institutional Lowers Position in Casey's General Stores, Inc. $CASY

Key Points

• CX Institutional has significantly reduced its stake in Casey's General Stores, cutting ownership by 88.0% to only 63 shares valued at $32,000 after selling 462 shares in the second quarter.
• Several other institutional investors have made moves as well, with some increasing their holdings, highlighting ongoing interest in Casey's amidst fluctuating market positions.
• Analysts have raised their price targets for Casey's stock, with Jefferies boosting its target from $575.00 to $600.00 and a consensus average price target now at $529.10, reflecting a generally positive outlook.

CX Institutional decreased its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 88.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63 shares of the company's stock after selling 462 shares during the period. CX Institutional's holdings in Casey's General Stores were worth $32,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new stake in Casey's General Stores in the 1st quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new stake in shares of Casey's General Stores in the first quarter valued at approximately $32,000. Iron Horse Wealth Management LLC boosted its position in shares of Casey's General Stores by 40.0% during the 1st quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after purchasing an additional 26 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Casey's General Stores by 242.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 96 shares of the company's stock worth $49,000 after purchasing an additional 68 shares in the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of Casey's General Stores during the 1st quarter worth $47,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insider Activity

In related news, CFO Stephen P. Bramlage, Jr. sold 760 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total transaction of $385,745.60. Following the transaction, the chief financial officer owned 25,994 shares of the company's stock, valued at approximately $13,193,514.64. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on CASY shares. Jefferies Financial Group boosted their price objective on shares of Casey's General Stores from $575.00 to $600.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Stephens reissued an "overweight" rating and set a $530.00 price target on shares of Casey's General Stores in a research note on Tuesday, September 9th. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Royal Bank Of Canada boosted their target price on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. Finally, BMO Capital Markets boosted their target price on Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 10th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $529.10.

Casey's General Stores Stock Up 2.4%

Shares of NASDAQ:CASY opened at $560.94 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. Casey's General Stores, Inc. has a 52-week low of $363.00 and a 52-week high of $571.57. The stock's fifty day simple moving average is $523.36 and its 200-day simple moving average is $484.67. The company has a market capitalization of $20.86 billion, a P/E ratio of 36.00 and a beta of 0.66.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.02 by $0.75. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. Casey's General Stores had a return on equity of 16.73% and a net margin of 3.54%.The business's revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business earned $4.83 earnings per share. As a group, equities 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 Announces Dividend

The company 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 dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. Casey's General Stores's dividend payout ratio is presently 14.63%.

Casey's General Stores Profile

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.

Want to see what other hedge funds are holding CASY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Casey's General Stores, Inc. (NASDAQ:CASY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.