Hennessy Advisors Inc. Acquires Shares of 22,000 Casey's General Stores, Inc. $CASY

Key Points

• Hennessy Advisors Inc. acquired 22,000 shares of Casey's General Stores for approximately $11.2 million, representing a stake of around 0.06% in the company.
• Casey's General Stores reported $5.77 earnings per share for the last quarter, exceeding expectations and showing a year-over-year revenue increase of 11.5%.
• The company is set to pay a quarterly dividend of $0.57 on November 14, with a dividend yield of 0.4% and a payout ratio of 14.63%.

Hennessy Advisors Inc. acquired a new stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,000 shares of the company's stock, valued at approximately $11,226,000. Hennessy Advisors Inc. owned approximately 0.06% of Casey's General Stores at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Flagship Harbor Advisors LLC raised its position in Casey's General Stores by 4.1% during the first quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company's stock valued at $256,000 after purchasing an additional 23 shares in the last quarter. Sunbelt Securities Inc. raised its position in Casey's General Stores by 1.4% during the first quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company's stock valued at $812,000 after purchasing an additional 26 shares in the last quarter. Iron Horse Wealth Management LLC raised its position in 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 valued at $40,000 after purchasing an additional 26 shares in the last quarter. Menard Financial Group LLC raised its position in Casey's General Stores by 2.1% during the first quarter. Menard Financial Group LLC now owns 1,290 shares of the company's stock valued at $603,000 after purchasing an additional 27 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its position in Casey's General Stores by 3.9% during the second quarter. Accurate Wealth Management LLC now owns 727 shares of the company's stock valued at $381,000 after purchasing an additional 27 shares in the last quarter. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Casey's General Stores Stock Performance

Shares of Casey's General Stores stock opened at $567.48 on Friday. 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 twelve month low of $366.00 and a twelve month high of $571.57. The stock has a market cap of $21.10 billion, a price-to-earnings ratio of 36.42 and a beta of 0.68. The company's fifty day moving average is $526.40 and its 200 day moving average is $488.11.

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. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.47 billion. During the same quarter in the previous year, the firm posted $4.83 earnings per share. Casey's General Stores's revenue for the quarter was up 11.5% on a year-over-year basis. Sell-side analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Announces Dividend

The firm 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 $0.57 dividend. 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 payout ratio is currently 14.63%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CASY. The Goldman Sachs Group boosted their price objective on shares of Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Royal Bank Of Canada upped their price target on shares of Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. BMO Capital Markets upped their price target on shares of Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a report on Wednesday, September 10th. KeyCorp upped their price target on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Stephens reiterated an "overweight" rating and set a $530.00 price target on shares of Casey's General Stores in a report on Tuesday, September 9th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Casey's General Stores presently has a consensus rating of "Moderate Buy" and an average target price of $529.10.

Insider Buying and Selling at Casey's General Stores

In related news, insider Chad Michael Frazell sold 3,487 shares of the business's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $555.40, for a total value of $1,936,679.80. Following the sale, the insider owned 7,993 shares of the company's stock, valued at $4,439,312.20. The trade was a 30.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

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.

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