Casey's General Stores, Inc. $CASY Shares Sold by First Hawaiian Bank

Key Points

• First Hawaiian Bank reduced its holdings in Casey's General Stores, Inc. by 7.5%, owning 11,427 shares worth approximately $4.96 million after selling 932 shares in Q1.
• Several large investors significantly increased their stakes, including Wellington Management, which raised its stake by 190.6% to over 1.24 million shares now valued at $540 million.
• The stock price of Casey's General Stores recently increased by 2.9% to around $553.99, with analysts issuing optimistic price targets ranging from $540.00 to $580.00 per share.

First Hawaiian Bank decreased its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,427 shares of the company's stock after selling 932 shares during the period. First Hawaiian Bank's holdings in Casey's General Stores were worth $4,960,000 at the end of the most recent reporting period.

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

Casey's General Stores Price Performance

Shares of CASY stock traded up $1.02 during trading hours on Monday, hitting $554.91. The stock had a trading volume of 331,809 shares, compared to its average volume of 356,151. Casey's General Stores, Inc. has a one year low of $362.42 and a one year high of $562.97. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.03 and a quick ratio of 0.61. The stock's 50-day moving average price is $516.25 and its two-hundred day moving average price is $472.88. The stock has a market capitalization of $20.63 billion, a price-to-earnings ratio of 35.62 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 for the quarter, topping the consensus estimate of $5.02 by $0.75. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.47 billion. Casey's General Stores had a return on equity of 16.73% and a net margin of 3.54%.The firm's revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.83 earnings per share. Equities analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Announces Dividend

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

Insider Buying and Selling at Casey's General Stores

In other news, CEO Darren M. Rebelez sold 20,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total value of $10,156,600.00. Following the sale, the chief executive officer directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. This trade represents a 18.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mike Spanos bought 200 shares of the stock in a transaction on Monday, June 30th. The stock was purchased at an average price of $503.18 per share, with a total value of $100,636.00. Following the completion of the purchase, the director owned 3,560 shares of the company's stock, valued at $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. In the last ninety days, insiders have sold 36,046 shares of company stock worth $18,294,656. Insiders own 0.54% of the company's stock.

Analyst Ratings Changes

CASY has been the topic of a number of research analyst reports. KeyCorp increased their price objective on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. BMO Capital Markets increased their price target on Casey's General Stores from $515.00 to $540.00 and gave the company a "market perform" rating in a report on Wednesday, September 10th. The Goldman Sachs Group increased their target price on Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a report on Wednesday, September 10th. Wells Fargo & Company increased their target price on Casey's General Stores from $540.00 to $580.00 and gave the company an "overweight" rating in a report on Monday, September 8th. Finally, Evercore ISI increased their target price on Casey's General Stores from $560.00 to $580.00 and gave the company an "outperform" rating in a report on Wednesday, September 10th. Eight equities research 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, the company has a consensus rating of "Moderate Buy" and an average target price of $505.25.

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.