Segall Bryant & Hamill LLC Lowers Holdings in Casey's General Stores, Inc. $CASY

Key Points

• Segall Bryant & Hamill cut its Casey’s stake by 35.3% in the first quarter, selling 13,142 shares and retaining 24,083 shares worth about $17.5 million. Institutional investors still own 85.63% of the company.
• Casey’s insiders sold 30,243 shares worth approximately $24.4 million over the past 90 days, including sizable sales by Chad Michael Frazell and Katrina S. Lindsey.
• The company reported a strong quarter, with EPS of $4.37 beating estimates by $1.06 and revenue rising 14.5% year over year; it also increased its quarterly dividend to $0.65, while analysts maintain a “Moderate Buy” consensus and a $944.20 target price.

Segall Bryant & Hamill LLC trimmed its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 35.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,083 shares of the company's stock after selling 13,142 shares during the quarter. Segall Bryant & Hamill LLC owned 0.07% of Casey's General Stores worth $17,529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CASY. Kathmere Capital Management LLC raised its position in shares of Casey's General Stores by 3.5% in the 1st quarter. Kathmere Capital Management LLC now owns 387 shares of the company's stock worth $282,000 after purchasing an additional 13 shares during the last quarter. Pinnacle Bancorp Inc. grew its position in Casey's General Stores by 4.8% during the 1st quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company's stock valued at $221,000 after purchasing an additional 14 shares during the last quarter. Menard Financial Group LLC grew 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 valued at $700,000 after purchasing an additional 15 shares during the last quarter. Cibc World Market Inc. increased its stake 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 valued at $2,839,000 after purchasing an additional 16 shares in the last quarter. Finally, FSB Premier Wealth Management Inc. increased its stake in Casey's General Stores by 0.8% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 2,338 shares of the company's stock valued at $1,292,000 after purchasing an additional 18 shares in the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the transaction, the insider directly owned 9,823 shares of the company's stock, valued at $7,735,514.27. This represents a 23.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $800.00, for a total value of $1,600,000.00. Following the completion of the transaction, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. This trade represents a 23.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,243 shares of company stock worth $24,421,877 in the last 90 days. Insiders own 0.67% of the company's stock.

Casey's General Stores Price Performance

CASY opened at $871.00 on Friday. The company's 50-day simple moving average is $823.78 and its two-hundred day simple moving average is $752.36. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01. The stock has a market capitalization of $32.24 billion, a P/E ratio of 45.46, a P/E/G ratio of 2.61 and a beta of 0.62. Casey's General Stores, Inc. has a 52-week low of $490.00 and a 52-week high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping analysts' consensus estimates of $3.31 by $1.06. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the business posted $2.63 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, analysts predict that Casey's General Stores, Inc. will post 21.14 EPS for the current year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Saturday, August 1st will be given a $0.65 dividend. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. Casey's General Stores's payout ratio is presently 11.90%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Weiss Ratings downgraded shares of Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, July 21st. William Blair assumed coverage on shares of Casey's General Stores in a report on Wednesday, May 20th. They issued an "outperform" rating for the company. Stephens set a $975.00 price objective on Casey's General Stores and gave the company an "overweight" rating in a research report on Friday, June 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $1,000.00 target price on shares of Casey's General Stores in a research note on Monday, June 15th. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $944.20.

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.

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