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

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

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Casey’s General Stores during the second quarter worth about $2,759,895,000. Northwestern Mutual Wealth Management Co. raised its stake in Casey’s General Stores by 179,938.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock valued at $1,469,747,000 after buying an additional 2,657,687 shares during the period. Norges Bank bought a new stake in Casey’s General Stores in the fourth quarter valued at approximately $265,163,000. Bank of New York Mellon Corp bought a new position in shares of Casey’s General Stores during the 2nd quarter worth approximately $281,011,000. Finally, Franklin Resources Inc. boosted 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 acquiring an additional 310,470 shares during the period. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Casey’s General Stores news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of Casey’s General Stores stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer owned 29,677 shares in the company, valued at approximately $24,874,074.32. The trade was a 16.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Darren M. Rebelez sold 19,000 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the sale, the chief executive officer owned 89,174 shares of the company’s stock, valued at $71,469,394.04. This trade represents a 17.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,243 shares of company stock worth $24,421,877 in the last quarter. Insiders own 0.67% of the company’s stock.

Casey’s General Stores Price Performance

Shares of Casey’s General Stores stock opened at $835.74 on Monday. The firm has a market cap of $30.93 billion, a price-to-earnings ratio of 43.62, a PEG ratio of 2.86 and a beta of 0.61. Casey’s General Stores, Inc. has a one year low of $490.00 and a one year high of $927.85. 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 stock’s 50-day moving average is $837.28 and its 200 day moving average is $776.94.

Casey’s General Stores (NASDAQ:CASY) last released its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $1.06. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the company earned $2.63 EPS. Casey’s General Stores’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities 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 company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Saturday, August 1st were issued a $0.65 dividend. The ex-dividend date was Friday, July 31st. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 0.3%. Casey’s General Stores’s dividend payout ratio is currently 13.57%.

Wall Street Analyst Weigh In

CASY has been the subject of several research analyst reports. Stephens set a $975.00 target price on shares of Casey’s General Stores and gave the stock an “overweight” rating in a report on Friday, June 12th. UBS Group boosted their price target on 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. Northcoast Research upgraded shares of Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 target price for the company in a research report on Monday, July 13th. Wolfe Research reaffirmed an “outperform” rating and issued a $1,069.00 price objective on shares of Casey’s General Stores in a research note on Thursday, June 11th. Finally, Zacks Research cut shares of Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Fourteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price 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.