Ceredex Value Advisors LLC Makes New $22.55 Million Investment in Casey’s General Stores, Inc. $CASY

Ceredex Value Advisors LLC purchased a new position in Casey’s General Stores, Inc. (NASDAQ:CASY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 28,375 shares of the company’s stock, valued at approximately $22,552,000. Ceredex Value Advisors LLC owned 0.08% of Casey’s General Stores as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Casey’s General Stores during the second quarter valued at $2,759,895,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Casey’s General Stores by 179,938.2% in 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 acquiring an additional 2,657,687 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Casey’s General Stores by 40.9% in the 4th quarter. Franklin Resources Inc. now owns 1,068,682 shares of the company’s stock worth $590,671,000 after acquiring an additional 310,470 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 valued at $420,416,000 after purchasing an additional 52,250 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Casey’s General Stores by 12.6% during the 4th quarter. Invesco Ltd. now owns 572,152 shares of the company’s stock valued at $316,234,000 after purchasing an additional 64,154 shares in the last quarter. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Casey’s General Stores Stock Performance

Shares of Casey’s General Stores stock opened at $828.38 on Friday. Casey’s General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85. The firm has a market capitalization of $30.66 billion, a price-to-earnings ratio of 43.23, a PEG ratio of 2.80 and a beta of 0.61. The business has a 50-day simple moving average of $838.47 and a 200 day simple moving average of $775.47. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly 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 business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. Casey’s General Stores had a return on equity of 18.73% and a net margin of 4.07%.The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.63 EPS. On average, research analysts anticipate that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey’s General Stores Increases Dividend

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

Insider Buying and Selling

In related news, CEO Darren M. Rebelez sold 19,000 shares of Casey’s General Stores stock in a transaction 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 owned 89,174 shares of the company’s stock, valued at approximately $71,469,394.04. This trade represents a 17.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Chad Michael Frazell sold 3,013 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the sale, the insider owned 9,823 shares of the company’s stock, valued at $7,735,514.27. This trade represents a 23.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 30,243 shares of company stock worth $24,421,877 over the last quarter. Corporate insiders own 0.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CASY shares. JPMorgan Chase & Co. lifted their target price on Casey’s General Stores from $719.00 to $975.00 and gave the stock a “neutral” rating in a report on Friday, June 12th. Evercore restated an “outperform” rating and set a $990.00 price target on shares of Casey’s General Stores in a report on Friday, June 12th. William Blair assumed coverage on shares of Casey’s General Stores in a research report on Wednesday, May 20th. They set an “outperform” rating for the company. UBS Group lifted their price objective on shares of Casey’s General Stores from $805.00 to $945.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Finally, Zacks Research downgraded shares of Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Fourteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Casey’s General Stores has an average rating of “Moderate Buy” and an average price target of $944.20.

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.