Casey’s General Stores (NASDAQ:CASY) Stock Price Down 9.5%

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Casey’s General Stores Inc (NASDAQ:CASY) shares dropped 9.5% during mid-day trading on Tuesday . The stock traded as low as $157.33 and last traded at $158.72, approximately 1,313,988 shares changed hands during mid-day trading. An increase of 309% from the average daily volume of 321,099 shares. The stock had previously closed at $175.32.

CASY has been the topic of several recent research reports. BidaskClub cut shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. BMO Capital Markets lifted their target price on shares of Casey’s General Stores to $170.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 11th. Jefferies Financial Group set a $192.00 target price on shares of Casey’s General Stores and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Deutsche Bank lifted their target price on shares of Casey’s General Stores from $166.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada downgraded shares of Casey’s General Stores from a “sector perform” rating to an “underperform” rating and lifted their target price for the stock from $144.00 to $158.00 in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $172.80.

The firm’s 50-day moving average price is $170.70 and its two-hundred day moving average price is $161.64. The firm has a market capitalization of $6.46 billion, a PE ratio of 28.81, a P/E/G ratio of 3.06 and a beta of 0.52. The company has a quick ratio of 0.29, a current ratio of 0.76 and a debt-to-equity ratio of 0.88.

Casey’s General Stores (NASDAQ:CASY) last released its earnings results on Monday, December 9th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.06. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.53 billion. Casey’s General Stores had a net margin of 2.34% and a return on equity of 15.55%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm posted $1.80 earnings per share. Equities research analysts forecast that Casey’s General Stores Inc will post 6.3 EPS for the current year.

In other news, Director Allison M. Wing sold 554 shares of Casey’s General Stores stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $165.91, for a total value of $91,914.14. Following the transaction, the director now directly owns 998 shares of the company’s stock, valued at $165,578.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Casey’s General Stores by 2.1% during the second quarter. Vanguard Group Inc. now owns 3,732,899 shares of the company’s stock valued at $582,295,000 after purchasing an additional 76,321 shares in the last quarter. BlackRock Inc. grew its position in Casey’s General Stores by 2.0% during the second quarter. BlackRock Inc. now owns 3,289,827 shares of the company’s stock valued at $513,180,000 after purchasing an additional 65,801 shares in the last quarter. Carillon Tower Advisers Inc. grew its position in Casey’s General Stores by 29.1% during the second quarter. Carillon Tower Advisers Inc. now owns 830,521 shares of the company’s stock valued at $129,553,000 after purchasing an additional 187,330 shares in the last quarter. Scout Investments Inc. grew its position in Casey’s General Stores by 114.5% during the third quarter. Scout Investments Inc. now owns 529,288 shares of the company’s stock valued at $85,300,000 after purchasing an additional 282,484 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Casey’s General Stores by 10.1% during the second quarter. Victory Capital Management Inc. now owns 447,014 shares of the company’s stock valued at $69,730,000 after purchasing an additional 40,998 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

About Casey’s General Stores (NASDAQ:CASY)

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.

See Also: Equal Weight Rating

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