NEOS Investment Management LLC Invests $4.60 Million in Casey's General Stores, Inc. $CASY

Key Points

• NEOS Investment Management initiated a $4.60 million position in Casey’s General Stores during the second quarter by purchasing 5,790 shares. Institutional investors collectively own 85.63% of the company.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $928.53, although JPMorgan lowered its target to $833.
• Casey’s exceeded quarterly expectations, reporting $4.37 in EPS and $4.57 billion in revenue, with revenue up 14.5% year over year. However, insiders sold roughly $24.4 million of stock over the past 90 days.

NEOS Investment Management LLC acquired a new position 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 SEC. The fund acquired 5,790 shares of the company's stock, valued at approximately $4,602,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CASY. Kathmere Capital Management LLC raised its holdings in shares of Casey's General Stores by 3.5% in the first quarter. Kathmere Capital Management LLC now owns 387 shares of the company's stock worth $282,000 after acquiring an additional 13 shares during the last quarter. Pinnacle Bancorp Inc. boosted its stake in shares of Casey's General Stores by 4.8% during the first quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company's stock valued at $221,000 after acquiring an additional 14 shares during the last quarter. Lincoln Capital LLC boosted its stake in shares of Casey's General Stores by 4.0% during the second quarter. Lincoln Capital LLC now owns 366 shares of the company's stock valued at $291,000 after acquiring an additional 14 shares during the last quarter. Menard Financial Group LLC increased its position in Casey's General Stores by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 1,267 shares of the company's stock worth $700,000 after purchasing an additional 15 shares in the last quarter. Finally, Cibc World Market Inc. increased its position in Casey's General Stores by 0.3% during the 4th quarter. Cibc World Market Inc. now owns 5,136 shares of the company's stock worth $2,839,000 after purchasing an additional 16 shares in the last quarter. Hedge funds and other institutional investors own 85.63% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CASY shares. JPMorgan Chase & Co. cut their target price on shares of Casey's General Stores from $975.00 to $833.00 and set a "neutral" rating for the company in a research note on Thursday. Northcoast Research raised shares of Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 price target on the stock in a research note on Monday, July 13th. Stephens set a $975.00 price target on shares of Casey's General Stores and gave the stock an "overweight" rating in a report on Friday, June 12th. Deutsche Bank Aktiengesellschaft set a $927.00 price objective on shares of Casey's General Stores in a research report on Friday. Finally, Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $928.53.

Casey's General Stores Stock Performance

Casey's General Stores stock opened at $756.09 on Monday. The stock has a fifty day moving average price of $827.10 and a 200 day moving average price of $785.62. Casey's General Stores, Inc. has a 52 week low of $497.38 and a 52 week high of $927.85. The firm has a market capitalization of $27.98 billion, a P/E ratio of 39.46, a PEG ratio of 2.58 and a beta of 0.59. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the company earned $2.63 EPS. The firm's quarterly revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Casey's General Stores, Inc. will post 21.13 earnings per share for the current year.

Insider Buying and Selling at Casey's General Stores

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. This represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Darren M. Rebelez sold 19,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the transaction, the chief executive officer directly owned 89,174 shares in the company, valued at approximately $71,469,394.04. This represents a 17.56% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is currently owned by insiders.

Casey's General Stores Company Profile

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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