Casey's General Stores (NASDAQ:CASY) Share Price Crosses Below 50 Day Moving Average - Time to Sell?

Key Points

• Casey’s shares fell below their 50-day moving average, trading at $670.02 versus the $678.78 average, while remaining below the 200-day average of $738.93.
• Despite the technical weakness, analysts remain broadly positive: 16 rate the stock a Buy and five a Hold, producing a “Moderate Buy” consensus and an average price target of $835.38.
• The company reported stronger-than-expected quarterly results, with $7.37 adjusted EPS and $5.68 billion in revenue, while announcing a quarterly dividend of $0.65 per share and showing 24.3% year-over-year revenue growth.

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $678.78 and traded as low as $661.45. Casey's General Stores shares last traded at $670.02, with a volume of 688,803 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CASY. Weiss Ratings reiterated a "buy (b)" rating on shares of Casey's General Stores in a research note on Monday, October 19th. The Goldman Sachs Group set a $750.00 price target on shares of Casey's General Stores in a report on Wednesday, September 9th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $933.00 price target on shares of Casey's General Stores in a research report on Thursday, September 10th. BMO Capital Markets set a $810.00 price objective on shares of Casey's General Stores in a report on Thursday, September 10th. Finally, William Blair reaffirmed an "outperform" rating on shares of Casey's General Stores in a research report on Wednesday, September 16th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Casey's General Stores has an average rating of "Moderate Buy" and an average price target of $835.38.

Casey's General Stores Price Performance

The company has a current ratio of 1.02, a quick ratio of 0.61 and a debt-to-equity ratio of 0.57. The stock has a market cap of $24.76 billion, a PE ratio of 32.27, a PEG ratio of 2.26 and a beta of 0.59. The business has a 50-day moving average price of $678.78 and a 200 day moving average price of $738.93.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings data on Tuesday, September 8th. The company reported $7.37 earnings per share for the quarter, topping the consensus estimate of $6.78 by $0.59. Casey's General Stores had a return on equity of 19.68% and a net margin of 4.14%. The company had revenue of $5.68 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same quarter last year, the firm posted $5.77 EPS. The firm's revenue for the quarter was up 24.3% on a year-over-year basis. As a group, research analysts forecast that Casey's General Stores, Inc. will post 21.61 earnings per share for the current fiscal year.

Casey's General Stores Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Sunday, November 1st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, October 30th. Casey's General Stores's dividend payout ratio (DPR) is currently 12.52%.

Hedge Funds Weigh In On Casey's General Stores

Several large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Casey's General Stores in the second quarter valued at $2,759,895,000. Bank of America Corp DE bought a new stake in shares of Casey's General Stores during the 2nd quarter valued at $281,872,000. Bank of New York Mellon Corp purchased a new stake in Casey's General Stores during the 2nd quarter worth about $281,011,000. Jupiter Topco LLC purchased a new stake in Casey's General Stores during the 2nd quarter worth about $246,982,000. Finally, Corient Private Wealth LP purchased a new stake in Casey's General Stores during the 2nd quarter worth about $164,376,000. Hedge funds and other institutional investors own 85.63% of the company's stock.

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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