Casey’s General Stores (NASDAQ:CASY) Shares Gap Up After Better-Than-Expected Earnings

Casey’s General Stores, Inc. (NASDAQ:CASY – Get Rating)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $209.70, but opened at $219.00. Casey’s General Stores shares last traded at $218.09, with a volume of 101,737 shares trading hands.

The company reported $2.36 EPS for the quarter, beating the consensus estimate of $1.83 by $0.53. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.35 billion. Casey’s General Stores had a net margin of 2.77% and a return on equity of 17.78%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.71 EPS.

Analyst Ratings Changes

Several research analysts recently weighed in on CASY shares. JPMorgan Chase & Co. upgraded shares of Casey’s General Stores from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $173.00 to $211.00 in a research report on Friday, March 3rd. Credit Suisse Group initiated coverage on Casey’s General Stores in a research report on Monday, December 19th. They issued a “neutral” rating and a $254.00 target price on the stock. StockNews.com cut Casey’s General Stores from a “strong-buy” rating to a “buy” rating in a research report on Monday. Royal Bank of Canada raised their price objective on Casey’s General Stores from $268.00 to $273.00 and gave the company a “sector perform” rating in a report on Wednesday. Finally, Stephens reaffirmed an “overweight” rating and set a $280.00 target price on shares of Casey’s General Stores in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Casey’s General Stores presently has an average rating of “Moderate Buy” and an average price target of $259.11.

Institutional Investors Weigh In On Casey’s General Stores

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Casey’s General Stores by 0.7% in the third quarter. Vanguard Group Inc. now owns 3,734,566 shares of the company’s stock valued at $756,324,000 after buying an additional 25,687 shares in the last quarter. State Street Corp lifted its stake in Casey’s General Stores by 4.4% during the third quarter. State Street Corp now owns 1,432,889 shares of the company’s stock worth $290,189,000 after purchasing an additional 60,487 shares during the last quarter. Morgan Stanley boosted its holdings in Casey’s General Stores by 430.5% in the fourth quarter. Morgan Stanley now owns 1,141,475 shares of the company’s stock valued at $256,090,000 after purchasing an additional 926,324 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Casey’s General Stores by 4.7% in the third quarter. Thrivent Financial for Lutherans now owns 657,498 shares of the company’s stock valued at $133,156,000 after purchasing an additional 29,485 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Casey’s General Stores by 48.1% during the second quarter. Goldman Sachs Group Inc. now owns 569,116 shares of the company’s stock worth $105,276,000 after purchasing an additional 184,835 shares in the last quarter. Hedge funds and other institutional investors own 84.74% of the company’s stock.

Casey’s General Stores Stock Up 3.9 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.65 and a current ratio of 1.08. The firm’s 50-day moving average price is $221.79 and its two-hundred day moving average price is $222.81. The firm has a market cap of $8.12 billion, a PE ratio of 19.68 and a beta of 0.82.

About Casey’s General Stores

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Casey’s General Stores, Inc engages in the 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.