State of New Jersey Common Pension Fund D Cuts Stock Holdings in Casey's General Stores, Inc. $CASY

Key Points

• The State of New Jersey Common Pension Fund D sold 1,346 shares of Casey's General Stores, reducing its holdings by 9.9% to a total of 12,260 shares, valued at $5.32 million.
• Casey's General Stores reported earnings of $2.63 EPS for the last quarter, exceeding estimates, with a revenue of $3.99 billion, a 10.9% year-over-year increase.
• The company has increased its quarterly dividend to $0.57 per share, representing an annual yield of 0.5%, following a previous dividend of $0.50.

State of New Jersey Common Pension Fund D lessened its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 9.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 12,260 shares of the company's stock after selling 1,346 shares during the period. State of New Jersey Common Pension Fund D's holdings in Casey's General Stores were worth $5,321,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc purchased a new stake in shares of Casey's General Stores in the first quarter worth about $25,000. Global Financial Private Client LLC increased its holdings in Casey's General Stores by 325.0% during the 1st quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after purchasing an additional 52 shares during the period. Iron Horse Wealth Management LLC increased its holdings in 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 worth $40,000 after purchasing an additional 26 shares during the period. Whipplewood Advisors LLC grew its stake in Casey's General Stores by 160.0% in the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock valued at $51,000 after purchasing an additional 72 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in Casey's General Stores during the first quarter valued at approximately $59,000. Institutional investors own 85.63% of the company's stock.

Insider Transactions at Casey's General Stores

In other Casey's General Stores news, insider Chad Michael Frazell sold 4,808 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total transaction of $2,423,087.76. Following the transaction, the insider directly owned 11,480 shares in the company, valued at $5,785,575.60. This represents a 29.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Darren M. Rebelez sold 20,000 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total value of $10,156,600.00. Following the sale, the chief executive officer directly owned 89,840 shares in the company, valued at $45,623,447.20. This represents a 18.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,646 shares of company stock valued at $22,136,614 in the last ninety days. 0.54% of the stock is currently owned by corporate insiders.

Casey's General Stores Price Performance

NASDAQ:CASY traded down $6.92 during trading hours on Friday, hitting $503.26. 301,761 shares of the stock were exchanged, compared to its average volume of 229,882. Casey's General Stores, Inc. has a 52-week low of $350.52 and a 52-week high of $531.24. The firm's fifty day moving average price is $515.09 and its 200 day moving average price is $463.23. 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 company has a market cap of $18.71 billion, a P/E ratio of 34.38 and a beta of 0.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings data on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $1.94 by $0.69. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%.Casey's General Stores's quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.34 EPS. As a group, equities research analysts anticipate that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors 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. This represents a $2.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Friday, August 1st. Casey's General Stores's payout ratio is currently 15.57%.

Wall Street Analyst Weigh In

A number of brokerages have commented on CASY. Wells Fargo & Company lifted their price target on 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. BMO Capital Markets lifted their price target on Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research note on Wednesday, June 11th. KeyCorp lifted their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group lifted their price target on Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Company Profile

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.