Casey’s General Stores (NASDAQ:CASY) Shares Up 5.9% on Earnings Beat

Casey’s General Stores, Inc. (NASDAQ:CASY) shot up 5.9% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $412.21 and last traded at $401.19. 88,917 shares were traded during trading, a decline of 68% from the average session volume of 281,153 shares. The stock had previously closed at $378.71.

The company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.57. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.74 billion. Casey’s General Stores had a net margin of 3.57% and a return on equity of 17.17%. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.33 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CASY shares. Gordon Haskett upgraded shares of Casey’s General Stores from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Evercore ISI dropped their price objective on shares of Casey’s General Stores from $460.00 to $450.00 and set an “outperform” rating on the stock in a research note on Tuesday. BMO Capital Markets reiterated a “market perform” rating and set a $450.00 price objective (up from $400.00) on shares of Casey’s General Stores in a research note on Wednesday, December 18th. StockNews.com downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Royal Bank of Canada set a $438.00 target price on shares of Casey’s General Stores in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $423.09.

Insider Activity

In other Casey’s General Stores news, Director Mike Spanos purchased 500 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were purchased at an average cost of $396.76 per share, for a total transaction of $198,380.00. Following the completion of the transaction, the director now owns 3,097 shares of the company’s stock, valued at $1,228,765.72. The trade was a 19.25 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Katrina S. Lindsey sold 450 shares of Casey’s General Stores stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $427.13, for a total transaction of $192,208.50. Following the transaction, the insider now directly owns 2,247 shares in the company, valued at $959,761.11. This trade represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Casey’s General Stores

A number of institutional investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC raised its stake in Casey’s General Stores by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,468 shares of the company’s stock worth $628,000 after purchasing an additional 25 shares during the period. Private Trust Co. NA raised its stake in Casey’s General Stores by 1.3% during the third quarter. Private Trust Co. NA now owns 2,072 shares of the company’s stock worth $778,000 after purchasing an additional 27 shares during the period. Dark Forest Capital Management LP raised its stake in Casey’s General Stores by 3.2% during the fourth quarter. Dark Forest Capital Management LP now owns 902 shares of the company’s stock worth $357,000 after purchasing an additional 28 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Casey’s General Stores by 24.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 149 shares of the company’s stock worth $59,000 after purchasing an additional 29 shares during the period. Finally, Verus Capital Partners LLC raised its stake in shares of Casey’s General Stores by 3.1% in the 3rd quarter. Verus Capital Partners LLC now owns 991 shares of the company’s stock valued at $372,000 after acquiring an additional 30 shares during the period. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey’s General Stores Stock Up 6.0 %

The business’s 50 day moving average price is $409.64 and its 200-day moving average price is $399.61. The firm has a market capitalization of $14.90 billion, a PE ratio of 27.92, a P/E/G ratio of 2.40 and a beta of 0.87. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.49 and a current ratio of 0.88.

About Casey’s General Stores

Casey’s General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.