Emerald Investment Advisers LLC Makes New Investment in Casey's General Stores, Inc. $CASY

Key Points

• Emerald Investment Advisers acquired 4,167 Casey’s General Stores shares during the second quarter, valued at approximately $3.3 million. Institutional investors collectively own 85.63% of the company.
• Casey’s reported quarterly EPS of $4.37, exceeding the $3.31 consensus estimate, while revenue rose 14.5% year over year to $4.57 billion.
• The company increased its quarterly dividend to $0.65 per share, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $944.20.

Emerald Investment Advisers LLC acquired a new position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,167 shares of the company's stock, valued at approximately $3,312,000.

A number of other large investors have also recently made changes to their positions in CASY. NewEdge Advisors LLC lifted its position in Casey's General Stores by 6.4% during the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock worth $812,000 after acquiring an additional 113 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Casey's General Stores by 129.6% in the first quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock valued at $81,000 after purchasing an additional 105 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Casey's General Stores by 431.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $111,000 after buying an additional 177 shares during the period. Amundi acquired a new stake in shares of Casey's General Stores in the second quarter worth $338,000. Finally, Jump Financial LLC grew its position in Casey's General Stores by 42.6% during the 2nd quarter. Jump Financial LLC now owns 968 shares of the company's stock worth $494,000 after purchasing an additional 289 shares during the period. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey's General Stores Stock Up 0.9%

NASDAQ CASY opened at $835.74 on Friday. The business has a fifty day moving average price of $837.28 and a 200 day moving average price of $775.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The company has a market cap of $30.93 billion, a P/E ratio of 43.62, a P/E/G ratio of 2.86 and a beta of 0.61. Casey's General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.63 EPS. Research analysts anticipate that Casey's General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were issued a dividend of $0.65 per share. The ex-dividend date was Friday, July 31st. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. This is an increase from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's payout ratio is presently 13.57%.

Wall Street Analyst Weigh In

CASY has been the subject of several recent research reports. Evercore reaffirmed an "outperform" rating and set a $990.00 target price on shares of Casey's General Stores in a report on Friday, June 12th. William Blair began coverage on Casey's General Stores in a research report on Wednesday, May 20th. They set an "outperform" rating on the stock. BMO Capital Markets upgraded Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price target for the company in a research note on Monday, June 29th. Morgan Stanley raised Casey's General Stores to a "buy" rating in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their price target on Casey's General Stores from $719.00 to $975.00 and gave the stock a "neutral" rating in a research report on Friday, June 12th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $944.20.

Insider Transactions at Casey's General Stores

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the transaction, the chief financial officer owned 29,677 shares in the company, valued at approximately $24,874,074.32. This trade represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chad Michael Frazell sold 3,013 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total value of $2,372,707.37. Following the transaction, the insider directly owned 9,823 shares in the company, valued at $7,735,514.27. This trade represents a 23.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,243 shares of company stock valued at $24,421,877. 0.67% of the stock is currently owned by company insiders.

About Casey's General Stores

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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