SBI Okasan Asset Management Co.Ltd. Takes Position in Casey's General Stores, Inc. $CASY

Key Points

• SBI Okasan Asset Management initiated a new position in Casey's General Stores during the fourth quarter, buying 2,100 shares valued at about $1.19 million.
• Institutional interest remains high, with 85.63% of Casey's shares held by institutional investors and hedge funds; several firms also increased their stakes recently.
• Casey's reported better-than-expected quarterly earnings of $3.49 per share, though revenue came in below estimates, and it also paid a quarterly dividend of $0.57 per share.

SBI Okasan Asset Management Co.Ltd. purchased a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,100 shares of the company's stock, valued at approximately $1,191,000.

A number of other hedge funds also recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its position in Casey's General Stores by 6.4% during the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock worth $812,000 after buying an additional 113 shares during the period. Geneos Wealth Management Inc. boosted its position in Casey's General Stores by 129.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock worth $81,000 after buying an additional 105 shares during the period. EverSource Wealth Advisors LLC boosted its position in Casey's General Stores by 431.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $111,000 after buying an additional 177 shares during the period. Amundi acquired a new stake in Casey's General Stores during the 2nd quarter worth approximately $338,000. Finally, Jump Financial LLC boosted its position in Casey's General Stores by 42.6% during the 2nd quarter. Jump Financial LLC now owns 968 shares of the company's stock worth $494,000 after buying an additional 289 shares during the period. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Casey's General Stores

In related news, Director Mike Spanos acquired 300 shares of the stock in a transaction dated Friday, March 13th. The stock was bought at an average price of $665.43 per share, for a total transaction of $199,629.00. Following the purchase, the director directly owned 4,499 shares of the company's stock, valued at $2,993,769.57. The trade was a 7.14% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Katrina S. Lindsey sold 200 shares of Casey's General Stores stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $683.04, for a total transaction of $136,608.00. Following the completion of the sale, the insider owned 4,039 shares of the company's stock, valued at $2,758,798.56. This represents a 4.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.54% of the company's stock.

Casey's General Stores Stock Down 0.4%

Casey's General Stores stock opened at $780.97 on Friday. The firm has a 50 day moving average price of $778.55 and a two-hundred day moving average price of $666.89. The firm has a market cap of $28.86 billion, a price-to-earnings ratio of 44.83, a PEG ratio of 2.17 and a beta of 0.65. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.64 and a current ratio of 1.04. Casey's General Stores, Inc. has a 52-week low of $433.16 and a 52-week high of $901.00.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Monday, March 9th. The company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $2.94 by $0.55. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $4.08 billion. Casey's General Stores had a net margin of 3.83% and a return on equity of 17.56%. Casey's General Stores's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 EPS. Equities analysts predict that Casey's General Stores, Inc. will post 18.19 EPS for the current year.

Casey's General Stores Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a $0.57 dividend. The ex-dividend date was Friday, May 1st. This represents a $2.28 annualized dividend and a dividend yield of 0.3%. Casey's General Stores's payout ratio is currently 13.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CASY shares. Evercore reiterated an "outperform" rating and set a $915.00 target price on shares of Casey's General Stores in a research report on Monday, May 18th. Stephens reiterated an "overweight" rating and set a $680.00 target price on shares of Casey's General Stores in a research report on Tuesday, March 10th. Wall Street Zen downgraded shares of Casey's General Stores from a "buy" rating to a "hold" rating in a research report on Saturday, March 21st. William Blair started coverage on shares of Casey's General Stores in a research report on Wednesday, May 20th. They set an "outperform" rating on the stock. Finally, Royal Bank Of Canada lifted their target price on shares of Casey's General Stores from $662.00 to $713.00 and gave the stock a "sector perform" rating in a research report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $752.36.

About Casey's General Stores

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.