Martingale Asset Management L P Sells 7,360 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Martingale Asset Management L P reduced its stake in Casey's General Stores by 10.6% during the first quarter, selling 7,360 shares, leaving them with 62,066 shares valued at approximately $26.9 million.
• Casey's General Stores reported earnings of $2.63 per share for the latest quarter, exceeding analyst expectations of $1.94, and demonstrated a revenue increase of 10.9% year-over-year.
• The company has increased its quarterly dividend from $0.50 to $0.57, reflecting a commitment to returning value to shareholders, with a current yield of 0.4%.

Martingale Asset Management L P decreased its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,066 shares of the company's stock after selling 7,360 shares during the period. Martingale Asset Management L P owned 0.17% of Casey's General Stores worth $26,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CASY. Versant Capital Management Inc acquired a new stake in Casey's General Stores during the 1st quarter worth about $25,000. Global Financial Private Client LLC lifted its stake in shares of Casey's General Stores by 325.0% in the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares during the period. Summit Securities Group LLC bought a new stake in shares of Casey's General Stores during the 1st quarter valued at about $32,000. Iron Horse Wealth Management LLC boosted 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 valued at $40,000 after purchasing an additional 26 shares in the last quarter. Finally, Whipplewood Advisors LLC grew its stake in Casey's General Stores by 160.0% during the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock worth $51,000 after purchasing an additional 72 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Trading Up 0.9%

NASDAQ CASY opened at $513.39 on Thursday. 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 business has a fifty day simple moving average of $515.08 and a 200 day simple moving average of $462.04. Casey's General Stores, Inc. has a 12 month low of $350.52 and a 12 month high of $531.24. The firm has a market capitalization of $19.09 billion, a P/E ratio of 35.07 and a beta of 0.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.69. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the prior year, the business posted $2.34 EPS. The business's revenue was up 10.9% compared to the same quarter last year. On average, 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 company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were paid a $0.57 dividend. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.50. The ex-dividend date was Friday, August 1st. This represents a $2.28 annualized dividend and a yield of 0.4%. Casey's General Stores's dividend payout ratio (DPR) is 15.57%.

Insider Activity

In related news, insider Katrina S. Lindsey sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $506.07, for a total value of $1,012,140.00. Following the transaction, the insider directly owned 4,636 shares of the company's stock, valued at approximately $2,346,140.52. The trade was a 30.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Darren M. Rebelez sold 20,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the sale, the chief executive officer owned 89,840 shares of the company's stock, valued at $45,623,447.20. This trade represents a 18.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,646 shares of company stock worth $22,136,614. Corporate insiders own 0.54% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on CASY. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. BMO Capital Markets boosted their target price on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research report on Wednesday, June 11th. Stephens restated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a report on Tuesday, June 10th. Wells Fargo & Company increased their price objective on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, 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 report on Friday, July 25th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $467.33.

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.

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