Casey’s General Stores (NASDAQ:CASY) Hits New 1-Year High Following Earnings Beat

Casey’s General Stores, Inc. (NASDAQ:CASY)’s share price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $263.99 and last traded at $261.20, with a volume of 145789 shares changing hands. The stock had previously closed at $239.40.

The company reported $4.52 EPS for the quarter, beating the consensus estimate of $3.36 by $1.16. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Casey’s General Stores had a net margin of 2.96% and a return on equity of 17.13%. The business’s revenue for the quarter was down 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.09 EPS.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CASY shares. Royal Bank of Canada upped their price objective on shares of Casey’s General Stores from $275.00 to $284.00 and gave the company a “sector perform” rating in a research note on Tuesday. Wells Fargo & Company upped their price objective on shares of Casey’s General Stores from $250.00 to $260.00 and gave the company an “overweight” rating in a research note on Wednesday, September 6th. Stephens reaffirmed an “overweight” rating and issued a $280.00 price objective on shares of Casey’s General Stores in a research note on Tuesday. SpectralCast reaffirmed a “maintains” rating on shares of Casey’s General Stores in a research note on Thursday, June 8th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Casey’s General Stores from $294.00 to $278.00 in a research note on Wednesday, June 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $267.88.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CASY. Alaska Permanent Fund Corp bought a new position in shares of Casey’s General Stores in the second quarter valued at $25,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Casey’s General Stores by 100.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 106 shares of the company’s stock valued at $26,000 after purchasing an additional 53 shares during the last quarter. Money Concepts Capital Corp raised its holdings in shares of Casey’s General Stores by 62.7% in the fourth quarter. Money Concepts Capital Corp now owns 122 shares of the company’s stock valued at $27,000 after purchasing an additional 47 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Casey’s General Stores in the fourth quarter valued at about $29,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Casey’s General Stores by 49.4% in the second quarter. Global Retirement Partners LLC now owns 124 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. 85.43% of the stock is owned by institutional investors.

Casey’s General Stores Stock Performance

The company’s fifty day moving average price is $247.11 and its 200 day moving average price is $231.27. The company has a market cap of $9.95 billion, a PE ratio of 22.33 and a beta of 0.83. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.99 and a quick ratio of 0.59.

About Casey’s General Stores

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.