Franklin Resources Inc. Purchases 310,470 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Franklin Resources boosted its Casey’s General Stores stake by 40.9% in the fourth quarter, buying 310,470 additional shares and bringing its holdings to 1,068,682 shares worth about $590.7 million.
• Several other institutional investors also increased exposure to CASY, and 85.63% of the stock is now owned by institutions and hedge funds.
• Casey’s reported quarterly EPS of $3.49, topping estimates, while analysts remain mostly constructive with a Moderate Buy rating and an average price target of $761.36.

Franklin Resources Inc. increased its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 40.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,068,682 shares of the company's stock after buying an additional 310,470 shares during the period. Franklin Resources Inc. owned 2.88% of Casey's General Stores worth $590,671,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CASY. Northwestern Mutual Wealth Management Co. lifted its position in Casey's General Stores by 179,938.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock worth $1,469,747,000 after acquiring an additional 2,657,687 shares during the last quarter. Norges Bank acquired a new stake in shares of Casey's General Stores in the fourth quarter valued at about $265,163,000. Goldman Sachs Group Inc. increased its stake in shares of Casey's General Stores by 175.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 471,536 shares of the company's stock worth $260,622,000 after purchasing an additional 300,249 shares during the period. Victory Capital Management Inc. increased its stake in shares of Casey's General Stores by 35.4% in the third quarter. Victory Capital Management Inc. now owns 791,415 shares of the company's stock worth $447,403,000 after purchasing an additional 206,777 shares during the period. Finally, M&T Bank Corp lifted its position in shares of Casey's General Stores by 15,024.5% during the 4th quarter. M&T Bank Corp now owns 193,140 shares of the company's stock worth $106,750,000 after purchasing an additional 191,863 shares during the last quarter. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, Director Mike Spanos bought 300 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average price of $665.43 per share, with a total value of $199,629.00. Following the completion of the purchase, the director directly owned 4,499 shares in the company, valued at $2,993,769.57. The trade was a 7.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Katrina S. Lindsey sold 200 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $683.04, for a total transaction of $136,608.00. Following the completion of the transaction, the insider directly owned 4,039 shares of the company's stock, valued at $2,758,798.56. This trade represents a 4.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.54% of the company's stock.

Casey's General Stores Price Performance

Shares of NASDAQ:CASY opened at $751.63 on Tuesday. The firm has a market capitalization of $27.78 billion, a PE ratio of 43.15, a PEG ratio of 2.12 and a beta of 0.61. The company has a current ratio of 1.04, a quick ratio of 0.64 and a debt-to-equity ratio of 0.61. Casey's General Stores, Inc. has a 1-year low of $433.63 and a 1-year high of $901.00. The business's 50 day moving average is $789.15 and its 200-day moving average is $677.80.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its earnings results on Monday, March 9th. The company reported $3.49 EPS for the quarter, beating analysts' consensus estimates of $2.94 by $0.55. Casey's General Stores had a return on equity of 17.56% and a net margin of 3.83%.The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the company posted $2.33 earnings per share. Casey's General Stores's revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Casey's General Stores, Inc. will post 18.16 earnings per share for the current year.

Analysts Set New Price Targets

CASY has been the topic of a number of research analyst reports. Royal Bank Of Canada raised their target price on Casey's General Stores from $662.00 to $713.00 and gave the company a "sector perform" rating in a report on Tuesday, March 10th. The Goldman Sachs Group increased their price objective on Casey's General Stores from $530.00 to $605.00 and gave the company a "neutral" rating in a research report on Wednesday, March 11th. Stephens reaffirmed an "overweight" rating and set a $680.00 target price on shares of Casey's General Stores in a research report on Tuesday, March 10th. Wells Fargo & Company upped their target price on shares of Casey's General Stores from $745.00 to $910.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Finally, Zacks Research raised shares of Casey's General Stores from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and an average price target of $761.36.

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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