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Advisors Capital Management LLC increased its stake in Casey’s General Stores, Inc. (NASDAQ:CASY) by 2.6% during the fourth quarter, according to the company’s latest SEC disclosure. The fund held 49,629 shares after purchasing an additional 1,274 shares in the quarter. Advisors Capital Management LLC’s stake was valued at $27,431,000 at the end of the most recent reporting period.
Other hedge funds and institutional investors also adjusted their positions in Casey’s General Stores. Victory Capital Management Inc. increased its stake by 35.4% in the third quarter, bringing its total to 791,415 shares valued at $447,403,000 after adding 206,777 shares. M&T Bank Corp raised its stake by 15,024.5% in the fourth quarter to 193,140 shares valued at $106,750,000, after purchasing an additional 191,863 shares.
Barclays PLC increased its stake by 717.6% in the third quarter, now owning 159,106 shares valued at $89,946,000 after adding 139,647 shares. Squarepoint Ops LLC raised its stake by 146.4% in the third quarter to 157,119 shares valued at $88,823,000, after adding 93,366 shares. Hennessy Advisors Inc. increased its stake by 361.4% in the third quarter to 101,500 shares valued at $57,380,000, after purchasing an additional 79,500 shares.
Overall, 85.63% of Casey’s stock is currently owned by hedge funds and other institutional investors.
Insider activity also showed changes in ownership. Insider Katrina S. Lindsey sold 200 shares on March 11, at an average price of $683.04, for a total transaction value of $136,608.00. After the sale, Lindsey owned 4,039 shares, valued at approximately $2,758,798.56. The transaction represented a 4.72% decrease in her ownership.
Director Mike Spanos acquired 300 shares on March 13, buying at an average cost of $665.43 per share, for a total of $199,629.00. Following the purchase, Spanos directly owned 4,499 shares valued at $2,993,769.57. The trade represented a 7.14% increase in his position. Insiders own 0.54% of the company’s stock.
Casey’s General Stores stock opened at $799.52 on Friday. The company’s 50-day moving average price is $707.34, and its 200-day moving average price is $620.65. The stock has traded between a 1-year low of $430.00 and a 1-year high of $802.56.
Casey’s market capitalization is $29.55 billion. The company’s valuation metrics include a P/E ratio of 45.90, a P/E/G ratio of 2.57, and a beta of 0.61. The firm’s balance-sheet ratios include a debt-to-equity ratio of 0.61, a quick ratio of 0.64, and a current ratio of 1.04.
Casey’s General Stores last released quarterly earnings on March 9. The company reported earnings of $3.49 per share, beating analysts’ consensus estimates of $2.94 by $0.55. Revenue for the quarter was $3.92 billion, compared with analysts’ expectations of $4.08 billion.
The firm reported a net margin of 3.83% and a return on equity of 17.56%. Revenue was up 0.3% year over year. In the same quarter last year, the company earned $2.33 EPS. Analysts expect Casey’s to post 18.1 earnings per share for the current fiscal year.
Casey’s General Stores also disclosed a quarterly dividend payable on Friday, May 15. Shareholders of record as of Friday, May 1 will receive $0.57 per share. The ex-dividend date is Friday, May 1. The dividend represents $2.28 on an annualized basis, implying a yield of 0.3%. The payout ratio is 13.09%.
Several analysts updated their views on CASY shares. Stephens reaffirmed an “overweight” rating and set a $680.00 target price in a report on March 10. Royal Bank of Canada raised its target price from $662.00 to $713.00 and maintained a “sector perform” rating in a report on March 10. UBS Group increased its target price from $600.00 to $706.00 and kept a “neutral” rating in a report on March 11.
Bank of America started coverage on January 9 with a “buy” rating. KeyCorp raised its target price from $830.00 to $860.00 and maintained an “overweight” rating in a report dated Friday. Overall, one analyst rated the stock as Strong Buy, eight rated it Buy, and six issued Hold ratings. Based on MarketBeat.com data, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $725.09.
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