Casey’s General Stores (NASDAQ:CASY) Issues Quarterly Earnings Results

Casey’s General Stores (NASDAQ:CASY) released its earnings results on Tuesday. The company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $3.36 by $1.16, MarketWatch Earnings reports. Casey’s General Stores had a return on equity of 17.13% and a net margin of 2.96%. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the company earned $4.09 earnings per share. The company’s quarterly revenue was down 13.1% on a year-over-year basis.

Casey’s General Stores Trading Up 0.2 %

Casey’s General Stores stock traded up $0.53 during trading hours on Thursday, reaching $276.22. 24,014 shares of the company’s stock were exchanged, compared to its average volume of 256,520. The company has a quick ratio of 0.59, a current ratio of 0.99 and a debt-to-equity ratio of 0.61. The firm’s 50 day simple moving average is $247.71 and its 200 day simple moving average is $231.58. Casey’s General Stores has a twelve month low of $197.22 and a twelve month high of $277.74. The firm has a market capitalization of $10.33 billion, a PE ratio of 23.13 and a beta of 0.83.

Casey’s General Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $1.72 dividend on an annualized basis and a yield of 0.62%. Casey’s General Stores’s payout ratio is currently 14.43%.

Hedge Funds Weigh In On Casey’s General Stores

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. boosted its position in shares of Casey’s General Stores by 46.6% during the 2nd quarter. Sunbelt Securities Inc. now owns 129 shares of the company’s stock worth $31,000 after purchasing an additional 41 shares in the last quarter. Money Concepts Capital Corp boosted its position in shares of Casey’s General Stores by 62.7% during the 4th quarter. Money Concepts Capital Corp now owns 122 shares of the company’s stock worth $27,000 after purchasing an additional 47 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Casey’s General Stores by 3.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,736 shares of the company’s stock worth $344,000 after purchasing an additional 54 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Casey’s General Stores by 0.9% during the 4th quarter. Panagora Asset Management Inc. now owns 6,140 shares of the company’s stock worth $1,378,000 after purchasing an additional 54 shares in the last quarter. Finally, Advisor Partners II LLC boosted its position in shares of Casey’s General Stores by 4.9% during the 1st quarter. Advisor Partners II LLC now owns 1,240 shares of the company’s stock worth $267,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 85.43% of the company’s stock.

Analysts Set New Price Targets

CASY has been the subject of several recent analyst reports. SpectralCast restated a “maintains” rating on shares of Casey’s General Stores in a research note on Thursday, June 8th. Credit Suisse Group upgraded shares of Casey’s General Stores from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $235.00 to $285.00 in a report on Tuesday, July 18th. Wells Fargo & Company upped their price target on shares of Casey’s General Stores from $260.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Casey’s General Stores from $294.00 to $278.00 in a report on Wednesday, June 28th. Finally, Benchmark reiterated a “buy” rating and set a $275.00 price target on shares of Casey’s General Stores in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Casey’s General Stores presently has a consensus rating of “Moderate Buy” and an average price target of $273.11.

Casey’s General Stores Company Profile

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.