Ieq Capital LLC Makes New $6.07 Million Investment in Casey’s General Stores, Inc. $CASY

Ieq Capital LLC acquired a new stake in Casey’s General Stores, Inc. (NASDAQ:CASY) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,641 shares of the company’s stock, valued at approximately $6,073,000.

Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Casey’s General Stores in the second quarter valued at approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Casey’s General Stores by 179,938.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock worth $1,469,747,000 after purchasing an additional 2,657,687 shares during the period. Franklin Resources Inc. raised its stake in shares of Casey’s General Stores by 40.9% during the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock worth $590,671,000 after purchasing an additional 310,470 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Casey’s General Stores by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company’s stock worth $420,416,000 after buying an additional 52,250 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Casey’s General Stores by 12.6% in the 4th quarter. Invesco Ltd. now owns 572,152 shares of the company’s stock worth $316,234,000 after buying an additional 64,154 shares during the last quarter. Institutional investors own 85.63% of the company’s stock.

Casey’s General Stores Stock Performance

Shares of Casey’s General Stores stock opened at $835.74 on Monday. Casey’s General Stores, Inc. has a 52-week low of $490.00 and a 52-week high of $927.85. The stock’s 50-day simple moving average is $837.28 and its 200 day simple moving average is $776.94. The stock has a market capitalization of $30.93 billion, a P/E ratio of 43.62, a P/E/G ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $2.63 earnings per share. As a group, research analysts anticipate that Casey’s General Stores, Inc. will post 21.11 EPS for the current year.

Casey’s General Stores Increases Dividend

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

Insider Activity at Casey’s General Stores

In related news, insider Chad Michael Frazell sold 3,013 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the completion of the transaction, the insider directly owned 9,823 shares of the company’s stock, valued at approximately $7,735,514.27. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Allison M. Wing sold 530 shares of Casey’s General Stores stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the completion of the transaction, the director owned 3,042 shares of the company’s stock, valued at $2,547,918.36. This represents a 14.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,243 shares of company stock worth $24,421,877 in the last ninety days. Insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CASY shares. William Blair initiated coverage on shares of Casey’s General Stores in a report on Wednesday, May 20th. They set an “outperform” rating for the company. Evercore reaffirmed an “outperform” rating and issued a $990.00 price objective on shares of Casey’s General Stores in a research report on Friday, June 12th. The Goldman Sachs Group boosted their target price on shares of Casey’s General Stores from $695.00 to $795.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. BMO Capital Markets raised shares of Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 target price for the company in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Casey’s General Stores from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Casey’s General Stores presently has an average rating of “Moderate Buy” and a consensus price target of $944.20.

Casey’s General Stores Profile

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.