New Mexico Educational Retirement Board Decreases Stake in Casey’s General Stores, Inc. $CASY

New Mexico Educational Retirement Board reduced its holdings in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 76.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,768 shares of the company’s stock after selling 5,832 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Casey’s General Stores were worth $1,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CASY. BlackRock Inc. bought a new stake in Casey’s General Stores in the 2nd quarter worth about $2,759,895,000. Northwestern Mutual Wealth Management Co. lifted its stake in Casey’s General Stores by 179,938.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock valued at $1,469,747,000 after acquiring an additional 2,657,687 shares during the period. Norges Bank purchased a new stake in shares of Casey’s General Stores during the 4th quarter valued at about $265,163,000. Bank of America Corp DE purchased a new stake in shares of Casey’s General Stores during the 2nd quarter valued at about $281,872,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Casey’s General Stores in the second quarter worth approximately $281,011,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Casey’s General Stores

In related news, insider Katrina S. Lindsey sold 2,000 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $800.00, for a total value of $1,600,000.00. Following the sale, the insider owned 6,668 shares in the company, valued at approximately $5,334,400. The trade was a 23.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chad Michael Frazell sold 3,013 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total transaction of $2,372,707.37. Following the sale, the insider directly owned 9,823 shares in the company, valued at approximately $7,735,514.27. The trade was a 23.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,243 shares of company stock valued at $24,421,877 in the last 90 days. Company insiders own 0.67% of the company’s stock.

Casey’s General Stores Stock Performance

CASY stock opened at $755.47 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. Casey’s General Stores, Inc. has a 1-year low of $490.00 and a 1-year high of $927.85. The business has a 50 day simple moving average of $831.92 and a two-hundred day simple moving average of $782.18. The company has a market capitalization of $27.96 billion, a price-to-earnings ratio of 39.43, a PEG ratio of 2.59 and a beta of 0.61.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping the consensus estimate of $3.31 by $1.06. The business had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.63 EPS. Research analysts anticipate that Casey’s General Stores, Inc. will post 21.11 EPS for the current fiscal year.

Casey’s General Stores Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Saturday, August 1st were given a dividend of $0.65 per share. The ex-dividend date was Friday, July 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. Casey’s General Stores’s dividend payout ratio is currently 13.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CASY. BMO Capital Markets raised shares of Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 price objective for the company in a report on Monday, June 29th. UBS Group cut their target price on shares of Casey’s General Stores from $945.00 to $925.00 and set a “neutral” rating for the company in a research report on Thursday. Capital One Financial initiated coverage on Casey’s General Stores in a report on Monday, June 22nd. They set an “equal weight” rating and a $896.00 price target on the stock. Weiss Ratings downgraded Casey’s General Stores from a “buy (b+)” rating to a “buy (b)” rating in a research note on Tuesday, July 21st. Finally, William Blair initiated coverage on Casey’s General Stores in a research note on Wednesday, May 20th. They issued an “outperform” rating on the stock. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $942.87.

About Casey’s General Stores

Casey’s General Stores, Inc (NASDAQ: CASY) is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company’s stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.