Casey's General Stores, Inc. (NASDAQ:CASY) Short Interest Down 32.3% in August

Key Points

• Casey’s short interest fell 32.3% in August to 1.14 million shares, representing 3.1% of shares outstanding and a four-day days-to-cover ratio.
• The company reported stronger-than-expected quarterly results, with EPS of $4.37 versus a $3.31 estimate and revenue up 14.5% year over year to $4.57 billion. It also raised its quarterly dividend from $0.57 to $0.65 per share.
• Analysts maintain a favorable outlook, with a “Moderate Buy” consensus and an average price target of $942.87, although the CEO and CFO recently sold shares and insiders have sold more than $24 million of stock over 90 days.

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) was the target of a significant decrease in short interest in the month of August. As of August 14th, there was short interest totaling 1,143,057 shares, a decrease of 32.3% from the July 30th total of 1,688,551 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 285,907 shares, the days-to-cover ratio is presently 4.0 days.

Casey's General Stores Stock Performance

Shares of CASY traded up $22.90 on Tuesday, reaching $775.11. 140,762 shares of the stock traded hands, compared to its average volume of 491,842. The stock's 50-day moving average price is $830.33 and its 200-day moving average price is $782.87. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. The firm has a market cap of $28.69 billion, a price-to-earnings ratio of 40.36, a P/E/G ratio of 2.59 and a beta of 0.61. Casey's General Stores has a 12 month low of $490.50 and a 12 month high of $927.85.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.33 billion. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.63 earnings per share. Equities analysts forecast that Casey's General Stores will post 21.11 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.3%. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Friday, July 31st. Casey's General Stores's payout ratio is currently 13.57%.

Analyst Ratings Changes

Several brokerages recently issued reports on CASY. BMO Capital Markets raised Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price objective for the company in a research note on Monday, June 29th. BNP Paribas Exane lowered their target price on Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a research note on Thursday, June 25th. JPMorgan Chase & Co. upped their target price on Casey's General Stores from $719.00 to $975.00 and gave the company a "neutral" rating in a report on Friday, June 12th. Weiss Ratings lowered shares of Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, July 21st. Finally, Northcoast Research upgraded shares of Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 price target for the company in a report on Monday, July 13th. Fourteen investment 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $942.87.

Insiders Place Their Bets

In other news, CEO Darren M. Rebelez sold 19,000 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the completion of the sale, the chief executive officer directly owned 89,174 shares of the company's stock, valued at approximately $71,469,394.04. This represents a 17.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $838.16, for a total value of $4,777,512.00. Following the transaction, the chief financial officer directly owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. The trade was a 16.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,243 shares of company stock valued at $24,421,877. Corporate insiders own 0.67% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its position in shares of Casey's General Stores by 6.4% in the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock valued at $812,000 after acquiring an additional 113 shares during the period. Geneos Wealth Management Inc. raised its holdings in Casey's General Stores by 129.6% in the first quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock worth $81,000 after purchasing an additional 105 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Casey's General Stores by 431.7% during the second quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $111,000 after purchasing an additional 177 shares in the last quarter. Amundi bought a new position in shares of Casey's General Stores during the second quarter worth $338,000. Finally, Jump Financial LLC grew its holdings in shares of Casey's General Stores by 42.6% in the 2nd quarter. Jump Financial LLC now owns 968 shares of the company's stock valued at $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.

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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