Northern Trust Corp Raises Holdings in Casey's General Stores, Inc. $CASY

Key Points

• Northern Trust Corp increased its stake in Casey's General Stores by 0.6%, owning approximately 0.90% of the company valued at $145.16 million after acquiring additional shares in the 1st quarter.
• Several hedge funds, including Canada Pension Plan Investment Board, have also significantly increased their holdings in Casey's, contributing to 85.63% of the stock being owned by institutional investors.
• Casey's General Stores recently reported strong quarterly earnings, with earnings per share of $2.63, surpassing estimates, while also announcing an increase in its quarterly dividend from $0.50 to $0.57.

Northern Trust Corp grew its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 0.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 334,445 shares of the company's stock after buying an additional 1,941 shares during the period. Northern Trust Corp owned 0.90% of Casey's General Stores worth $145,163,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Casey's General Stores by 54,448.8% during the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock worth $236,054,000 after acquiring an additional 542,855 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Casey's General Stores by 42.0% during the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Casey's General Stores during the first quarter worth $76,467,000. Bank of New York Mellon Corp grew its position in Casey's General Stores by 51.5% in the 1st quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock valued at $223,792,000 after buying an additional 175,372 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Casey's General Stores by 699.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 126,845 shares of the company's stock valued at $55,056,000 after buying an additional 110,982 shares during the period. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Price Performance

NASDAQ CASY traded down $6.19 during trading hours on Thursday, reaching $492.11. The company's stock had a trading volume of 33,874 shares, compared to its average volume of 345,042. Casey's General Stores, Inc. has a fifty-two week low of $350.52 and a fifty-two week high of $531.24. The stock has a market cap of $18.30 billion, a PE ratio of 33.63 and a beta of 0.69. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92. The company's 50-day moving average is $514.51 and its two-hundred day moving average is $464.61.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.69. The business 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%. The company's revenue was up 10.9% on a year-over-year basis. During the same period last year, the company posted $2.34 EPS. Analysts forecast that Casey's General Stores, Inc. will post 13.94 EPS for the current 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 issued a $0.57 dividend. This is a boost 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 0.5%. Casey's General Stores's payout ratio is presently 15.57%.

Insider Activity at Casey's General Stores

In other Casey's General Stores news, insider Thomas P. Brennan, Jr. sold 6,600 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $506.03, for a total value of $3,339,798.00. Following the sale, the insider directly owned 2,100 shares of the company's stock, valued at approximately $1,062,663. This trade represents a 75.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total transaction of $10,156,600.00. Following the transaction, the chief executive officer directly owned 89,840 shares of the company's stock, valued at approximately $45,623,447.20. This represents a 18.21% 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 worth $22,136,614. Company insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

CASY has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a report on Wednesday, July 9th. The Goldman Sachs Group increased 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. KeyCorp raised their target price 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. Wells Fargo & Company upped their price target on shares of Casey's General Stores from $460.00 to $540.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Finally, Stephens reiterated an "overweight" rating and issued a $490.00 price target on shares of Casey's General Stores in a report on Tuesday, June 10th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.