Kayne Anderson Rudnick Investment Management LLC Buys Shares of 37,284 Casey's General Stores, Inc. $CASY

Key Points

• Kayne Anderson Rudnick Investment Management LLC has acquired a new stake in Casey's General Stores, purchasing 37,284 shares valued at approximately $16.18 million, increasing institutional ownership to 85.63%.
• Insider trading saw significant activity as CFO Stephen P. Bramlage, Jr. and CEO Darren M. Rebelez sold shares, with Rebelez's transaction totaling over $10 million.
• Casey's General Stores recently upgraded by analysts, receiving a Moderate Buy consensus rating and a projected price target increase, currently at $467.33.

Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 37,284 shares of the company's stock, valued at approximately $16,183,000. Kayne Anderson Rudnick Investment Management LLC owned about 0.10% of Casey's General Stores as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Integrated Wealth Concepts LLC lifted its holdings in shares of Casey's General Stores by 50.2% in the 4th quarter. Integrated Wealth Concepts LLC now owns 2,592 shares of the company's stock valued at $1,027,000 after acquiring an additional 866 shares during the last quarter. Security National Bank grew its holdings in shares of Casey's General Stores by 9.7% in the first quarter. Security National Bank now owns 5,674 shares of the company's stock worth $2,463,000 after purchasing an additional 504 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Casey's General Stores during the first quarter valued at approximately $201,000. M&T Bank Corp boosted its stake in shares of Casey's General Stores by 39.6% during the first quarter. M&T Bank Corp now owns 2,515 shares of the company's stock valued at $1,092,000 after purchasing an additional 713 shares in the last quarter. Finally, Ground Swell Capital LLC purchased a new stake in Casey's General Stores during the first quarter worth $338,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insider Activity at Casey's General Stores

In other news, insider Chad Michael Frazell sold 4,808 shares of Casey's General Stores stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $503.97, for a total value of $2,423,087.76. Following the sale, the insider owned 11,480 shares of the company's stock, valued at $5,785,575.60. The trade was a 29.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 760 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $507.56, for a total value of $385,745.60. Following the transaction, the chief financial officer owned 25,994 shares in the company, valued at $13,193,514.64. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,646 shares of company stock worth $22,136,614 in the last ninety days. Company insiders own 0.54% of the company's stock.

Casey's General Stores Stock Down 0.5%

CASY traded down $2.29 on Thursday, reaching $496.00. The company's stock had a trading volume of 168,972 shares, compared to its average volume of 227,451. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The stock has a 50 day moving average of $514.51 and a two-hundred day moving average of $464.61. The company has a market capitalization of $18.44 billion, a price-to-earnings ratio of 34.04 and a beta of 0.69. Casey's General Stores, Inc. has a fifty-two week low of $350.52 and a fifty-two week high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.69. The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.95 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. Casey's General Stores's quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.34 earnings per share. As a group, analysts forecast 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 announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were issued a $0.57 dividend. The ex-dividend date of this dividend was Friday, August 1st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.5%. Casey's General Stores's dividend payout ratio is currently 15.57%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Stephens restated an "overweight" rating and issued a $490.00 price objective on shares of Casey's General Stores in a research note on Tuesday, June 10th. KeyCorp increased their price target on Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. The Goldman Sachs Group upped their price target on shares of 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 lifted their target price on shares of Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 11th. Finally, 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 research report on Wednesday, June 11th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Casey's General Stores currently has an average rating of "Moderate Buy" and an average price target of $467.33.

Casey's General Stores Company 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.