Casey’s General Stores (CASY) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Casey’s General Stores (NASDAQ:CASY) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $148.00 price objective on the stock.
According to Zacks, “Shares of Casey's have surged and outpaced the industry in a year. The company continued with its positive earnings surprise streak for the third straight quarter. Notably, the bottom line improved yet again on a year-over-year basis in third-quarter fiscal 2019. However, the top line fell short of the consensus mark. Also, total revenues marginally declined year over year. We note that management trimmed fuel gallons same-store sales projection again. Nevertheless, the company is on track with its Value Creation Plan. This includes new fleet card program, price and product optimization, digital engagements comprising mobile app and online ordering capabilities, cost containment efforts as well as capital reallocation plan. However, higher operating expenses remain a concern. Analysts also pointed that any rise in wholesale fuel costs and higher input costs and promotional activity may impact results.”
Several other brokerages have also weighed in on CASY. BidaskClub raised Casey’s General Stores from a sell rating to a hold rating in a report on Wednesday, February 20th. Sidoti set a $138.00 target price on Casey’s General Stores and gave the company a hold rating in a research note on Friday, February 15th. Finally, Gabelli restated a buy rating on shares of Casey’s General Stores in a research note on Wednesday, March 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $137.00.
Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Monday, March 11th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.18. Casey’s General Stores had a return on equity of 14.89% and a net margin of 2.14%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.20 billion. Equities research analysts anticipate that Casey’s General Stores will post 5.15 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a $0.29 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $1.16 dividend on an annualized basis and a yield of 0.87%. Casey’s General Stores’s payout ratio is currently 30.45%.
In other news, insider Terry W. Handley sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $130.05, for a total transaction of $650,250.00. Following the completion of the transaction, the insider now directly owns 36,945 shares in the company, valued at $4,804,697.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Julia L. Jackowski sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $125.95, for a total value of $1,574,375.00. Following the transaction, the senior vice president now owns 32,944 shares of the company’s stock, valued at $4,149,296.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,500 shares of company stock valued at $2,602,775. 0.72% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Enlightenment Research LLC acquired a new position in shares of Casey’s General Stores during the fourth quarter worth approximately $26,000. Mckinley Capital Management LLC Delaware bought a new stake in Casey’s General Stores during the fourth quarter worth approximately $29,000. Valeo Financial Advisors LLC raised its holdings in Casey’s General Stores by 2,500.0% during the first quarter. Valeo Financial Advisors LLC now owns 312 shares of the company’s stock worth $40,000 after purchasing an additional 300 shares in the last quarter. Carroll Financial Associates Inc. bought a new stake in Casey’s General Stores during the first quarter worth approximately $48,000. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Casey’s General Stores during the fourth quarter worth approximately $150,000. Institutional investors and hedge funds own 89.24% of the company’s stock.
Casey’s General Stores Company Profile
Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. The company's stores offer a selection of food, including freshly prepared foods, such as pizza, donuts, and sandwiches; beverage and tobacco products; health and beauty aids; automotive products; school supplies, housewares, and pet supplies; and other nonfood items.
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