Summit Investment Advisors Inc. Cuts Stock Position in Casey’s General Stores, Inc. $CASY

Summit Investment Advisors Inc. decreased its position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,062 shares of the company’s stock after selling 340 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Casey’s General Stores were worth $6,537,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. increased its holdings in shares of Casey’s General Stores by 15.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 745 shares of the company’s stock worth $323,000 after purchasing an additional 100 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Casey’s General Stores by 39.6% during the first quarter. M&T Bank Corp now owns 2,515 shares of the company’s stock valued at $1,092,000 after purchasing an additional 713 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Casey’s General Stores by 201.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 26,862 shares of the company’s stock valued at $11,433,000 after buying an additional 17,951 shares during the last quarter. Allworth Financial LP increased its holdings in Casey’s General Stores by 10.8% in the 1st quarter. Allworth Financial LP now owns 654 shares of the company’s stock worth $293,000 after buying an additional 64 shares in the last quarter. Finally, Alps Advisors Inc. raised its position in Casey’s General Stores by 6.4% in the 1st quarter. Alps Advisors Inc. now owns 9,446 shares of the company’s stock worth $4,100,000 after buying an additional 569 shares during the last quarter. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CASY shares. The Goldman Sachs Group raised their price target on shares of Casey’s General Stores from $450.00 to $490.00 and gave the company a “neutral” rating in a report on Wednesday, September 10th. Evercore ISI lifted their target price on shares of Casey’s General Stores from $580.00 to $585.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Casey’s General Stores in a research note on Wednesday, October 8th. KeyCorp raised their price target on Casey’s General Stores from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Finally, Jefferies Financial Group upped their price target on shares of Casey’s General Stores from $575.00 to $600.00 and gave the company a “buy” rating in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $564.00.

Casey’s General Stores Price Performance

NASDAQ CASY opened at $533.57 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.61 and a debt-to-equity ratio of 0.65. Casey’s General Stores, Inc. has a 12 month low of $372.08 and a 12 month high of $572.18. The stock has a market cap of $19.84 billion, a price-to-earnings ratio of 34.25 and a beta of 0.66. The company’s 50 day moving average is $541.66 and its two-hundred day moving average is $507.34.

Casey’s General Stores (NASDAQ:CASY) last posted its quarterly earnings results on Monday, September 8th. The company reported $5.77 earnings per share for the quarter, topping analysts’ consensus estimates of $5.02 by $0.75. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.47 billion. Casey’s General Stores had a net margin of 3.54% and a return on equity of 16.73%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.83 earnings per share. As a group, research analysts anticipate that Casey’s General Stores, Inc. will post 13.94 earnings per share for the current year.

Casey’s General Stores Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Saturday, November 1st will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. Casey’s General Stores’s dividend payout ratio (DPR) is currently 14.63%.

Insider Activity at Casey’s General Stores

In other news, insider Chad Michael Frazell sold 3,487 shares of the company’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $555.40, for a total value of $1,936,679.80. Following the completion of the transaction, the insider owned 7,993 shares of the company’s stock, valued at $4,439,312.20. This represents a 30.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.54% of the stock is owned by insiders.

About Casey’s General Stores

Casey’s General Stores, Inc engages in the provision of 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.