Islay Capital Management LLC Sells 1,102 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Islay Capital Management LLC reduced its stake in Casey's General Stores by 19.3%, now holding 4,606 shares valued at approximately $1.999 million.
• Casey's General Stores recently reported $2.63 earnings per share, exceeding analyst expectations, alongside a 10.9% year-over-year revenue increase.
• The company announced a raise in its quarterly dividend to $0.57 per share, reflecting a positive shift from the previous dividend of $0.50.

Islay Capital Management LLC cut its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 19.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,606 shares of the company's stock after selling 1,102 shares during the period. Casey's General Stores makes up about 1.3% of Islay Capital Management LLC's holdings, making the stock its 19th biggest position. Islay Capital Management LLC's holdings in Casey's General Stores were worth $1,999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CASY. Versant Capital Management Inc purchased a new position in shares of Casey's General Stores during the first quarter valued at $25,000. Global Financial Private Client LLC boosted its stake in shares of Casey's General Stores by 325.0% during the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after acquiring an additional 52 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Casey's General Stores during the 1st quarter worth about $32,000. Iron Horse Wealth Management LLC lifted 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 during the last quarter. Finally, Whipplewood Advisors LLC lifted its position in shares of Casey's General Stores by 160.0% during the 1st quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock worth $51,000 after purchasing an additional 72 shares during the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Chad Michael Frazell sold 4,808 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the transaction, the insider owned 11,480 shares of the company's stock, valued at approximately $5,785,575.60. This represents a 29.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas P. Brennan, Jr. sold 6,600 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $506.03, for a total value of $3,339,798.00. Following the completion of the transaction, the insider directly owned 2,100 shares in the company, valued at $1,062,663. The trade was a 75.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,646 shares of company stock valued at $22,136,614. 0.54% of the stock is owned by insiders.

Casey's General Stores Stock Up 0.3%

Shares of Casey's General Stores stock traded up $1.51 during trading on Wednesday, reaching $498.29. The stock had a trading volume of 243,836 shares, compared to its average volume of 223,981. The company has a current ratio of 0.92, a quick ratio of 0.48 and a debt-to-equity ratio of 0.69. The stock has a fifty day moving average price of $514.51 and a two-hundred day moving average price of $464.61. The company has a market capitalization of $18.53 billion, a price-to-earnings ratio of 34.04 and a beta of 0.69. Casey's General Stores, Inc. has a 52 week low of $350.52 and a 52 week high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.69. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%.Casey's General Stores's quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.34 earnings per share. Sell-side analysts predict that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 0.5%. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, August 1st. Casey's General Stores's dividend payout ratio (DPR) is presently 15.57%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CASY shares. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. The Goldman Sachs Group boosted their price objective on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 11th. BMO Capital Markets boosted their price objective on Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 11th. Wells Fargo & Company upped their price target on Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Finally, KeyCorp upped their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Casey's General Stores has a consensus rating of "Moderate Buy" and an average target price of $467.33.

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.