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Casey's General Stores Inc (NASDAQ:CASY) Short Interest Down 18.6% in August

Wednesday, September 16, 2020 | MarketBeat

Casey's General Stores Inc (NASDAQ:CASY) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 627,000 shares, a decrease of 18.6% from the August 15th total of 770,000 shares. Approximately 1.7% of the company's shares are short sold. Based on an average daily volume of 255,100 shares, the short-interest ratio is currently 2.5 days.

A number of equities research analysts have issued reports on CASY shares. Sidoti raised their price target on shares of Casey's General Stores from $211.00 to $220.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. BMO Capital Markets raised their target price on Casey's General Stores from $165.00 to $170.00 and gave the stock a "market perform" rating in a research note on Thursday, September 10th. They noted that the move was a valuation call. Stephens raised Casey's General Stores from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $172.00 to $210.00 in a research report on Thursday, September 10th. JPMorgan Chase & Co. cut Casey's General Stores from a "neutral" rating to an "underweight" rating and increased their price objective for the stock from $168.00 to $171.00 in a report on Monday. They noted that the move was a valuation call. Finally, BidaskClub raised Casey's General Stores from a "sell" rating to a "hold" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of "Hold" and a consensus price target of $187.50.

Shares of NASDAQ CASY opened at $176.40 on Wednesday. The company's 50-day simple moving average is $173.31 and its 200-day simple moving average is $157.74. Casey's General Stores has a 52-week low of $114.01 and a 52-week high of $183.45. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 21.97 and a beta of 0.87. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 0.73.

Casey's General Stores (NASDAQ:CASY) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $2.06 by $1.18. Casey's General Stores had a return on equity of 18.25% and a net margin of 3.45%. The company had revenue of $2.11 billion for the quarter, compared to analysts' expectations of $2.12 billion. During the same period in the previous year, the firm posted $2.31 EPS. Casey's General Stores's revenue was down 19.9% compared to the same quarter last year. Equities research analysts anticipate that Casey's General Stores will post 6.83 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Monday, November 2nd will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend is Friday, October 30th. Casey's General Stores's dividend payout ratio is presently 18.03%.

In related news, Director Diane C. Bridgewater sold 905 shares of Casey's General Stores stock in a transaction on Friday, June 19th. The shares were sold at an average price of $155.15, for a total value of $140,410.75. Following the transaction, the director now owns 13,133 shares in the company, valued at approximately $2,037,584.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning raised its holdings in Casey's General Stores by 46.2% in the 2nd quarter. Creative Planning now owns 3,801 shares of the company's stock valued at $568,000 after buying an additional 1,201 shares during the period. Swiss National Bank increased its position in shares of Casey's General Stores by 1.4% during the first quarter. Swiss National Bank now owns 71,387 shares of the company's stock valued at $9,458,000 after acquiring an additional 1,000 shares during the last quarter. Morgan Stanley raised its stake in shares of Casey's General Stores by 12.5% in the 1st quarter. Morgan Stanley now owns 52,343 shares of the company's stock valued at $6,935,000 after acquiring an additional 5,818 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Casey's General Stores by 4.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 42,930 shares of the company's stock worth $6,419,000 after acquiring an additional 1,902 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Casey's General Stores by 5.0% during the 1st quarter. Rhumbline Advisers now owns 109,613 shares of the company's stock worth $14,523,000 after purchasing an additional 5,254 shares during the period. Hedge funds and other institutional investors own 87.59% of the company's stock.

About Casey's General Stores

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. The company's stores offer a selection of food, including freshly prepared foods, such as pizza, donuts, and sandwiches; beverage and tobacco products; health and beauty aids; automotive products; school supplies, housewares, and pet supplies; and other nonfood items.

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