Connor Clark & Lunn Investment Management Ltd. Invests $50.40 Million in Casey’s General Stores, Inc. $CASY

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 63,415 shares of the company’s stock, valued at approximately $50,402,000.

Several other institutional investors also recently modified their holdings of CASY. Kathmere Capital Management LLC increased its holdings in Casey’s General Stores by 3.5% in the 1st quarter. Kathmere Capital Management LLC now owns 387 shares of the company’s stock worth $282,000 after buying an additional 13 shares in the last quarter. Pinnacle Bancorp Inc. raised its position in Casey’s General Stores by 4.8% in the 1st quarter. Pinnacle Bancorp Inc. now owns 303 shares of the company’s stock worth $221,000 after buying an additional 14 shares during the last quarter. Lincoln Capital LLC lifted its stake in Casey’s General Stores by 4.0% during the 2nd quarter. Lincoln Capital LLC now owns 366 shares of the company’s stock valued at $291,000 after acquiring an additional 14 shares during the period. Menard Financial Group LLC lifted its stake in Casey’s General Stores by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 1,267 shares of the company’s stock valued at $700,000 after acquiring an additional 15 shares during the period. Finally, Cibc World Market Inc. boosted its holdings in shares of Casey’s General Stores by 0.3% during the 4th quarter. Cibc World Market Inc. now owns 5,136 shares of the company’s stock valued at $2,839,000 after acquiring an additional 16 shares during the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Northcoast Research upgraded shares of Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $950.00 price target for the company in a research note on Monday, July 13th. Zacks Research downgraded shares of Casey’s General Stores from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. JPMorgan Chase & Co. raised their target price on shares of Casey’s General Stores from $719.00 to $975.00 and gave the stock a “neutral” rating in a report on Friday, June 12th. Weiss Ratings downgraded shares of Casey’s General Stores from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, July 21st. Finally, BMO Capital Markets upgraded shares of Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $950.00 target price for the company in a research note on Monday, June 29th. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $944.20.

Casey’s General Stores Trading Up 2.2%

Casey’s General Stores stock opened at $854.21 on Tuesday. The business has a 50-day simple moving average of $836.91 and a two-hundred day simple moving average of $778.44. The company has a market cap of $31.61 billion, a P/E ratio of 44.58, a P/E/G ratio of 2.86 and a beta of 0.61. Casey’s General Stores, Inc. has a 52-week low of $490.00 and a 52-week high of $927.85. The company has a quick ratio of 0.60, a current ratio of 1.01 and a debt-to-equity ratio of 0.59.

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

Casey’s General Stores Increases Dividend

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

Insider Buying and Selling at Casey’s General Stores

In other Casey’s General Stores news, insider Chad Michael Frazell sold 3,013 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $787.49, for a total value of $2,372,707.37. Following the transaction, the insider directly owned 9,823 shares in the company, valued at approximately $7,735,514.27. This trade represents a 23.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the transaction, the chief financial officer owned 29,677 shares in the company, valued at $24,874,074.32. The trade was a 16.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,243 shares of company stock valued at $24,421,877 in the last quarter. Insiders own 0.67% of the company’s stock.

Casey’s General Stores Company Profile

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.