Logan Capital Management Inc. Buys New Position in Casey’s General Stores, Inc. (NASDAQ:CASY)

Logan Capital Management Inc. bought a new stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,454 shares of the company’s stock, valued at approximately $2,049,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas bought a new position in Casey’s General Stores during the third quarter worth $899,000. Franklin Resources Inc. grew its holdings in Casey’s General Stores by 49.9% during the 3rd quarter. Franklin Resources Inc. now owns 524,237 shares of the company’s stock worth $204,861,000 after acquiring an additional 174,586 shares during the period. Synovus Financial Corp raised its position in shares of Casey’s General Stores by 74.4% in the 3rd quarter. Synovus Financial Corp now owns 16,595 shares of the company’s stock worth $6,235,000 after acquiring an additional 7,078 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Casey’s General Stores by 10.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 5,514 shares of the company’s stock valued at $2,072,000 after purchasing an additional 523 shares during the period. Finally, Sunbelt Securities Inc. boosted its position in shares of Casey’s General Stores by 6.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,960 shares of the company’s stock valued at $736,000 after purchasing an additional 111 shares in the last quarter. Institutional investors own 85.63% of the company’s stock.

Casey’s General Stores Price Performance

Shares of NASDAQ CASY opened at $425.27 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.44 and a current ratio of 0.88. The firm’s 50-day simple moving average is $405.04 and its 200 day simple moving average is $381.40. The stock has a market cap of $15.79 billion, a price-to-earnings ratio of 29.64 and a beta of 0.80. Casey’s General Stores, Inc. has a fifty-two week low of $266.58 and a fifty-two week high of $439.68.

Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Monday, December 9th. The company reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.29 by $0.56. Casey’s General Stores had a return on equity of 17.17% and a net margin of 3.57%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the firm earned $4.24 earnings per share. Casey’s General Stores’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, research analysts anticipate that Casey’s General Stores, Inc. will post 14.28 earnings per share for the current fiscal year.

Casey’s General Stores Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 17th. Investors of record on Monday, February 3rd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, February 3rd. Casey’s General Stores’s payout ratio is currently 13.94%.

Wall Street Analyst Weigh In

CASY has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their target price on Casey’s General Stores from $403.00 to $428.00 and gave the stock a “sector perform” rating in a report on Tuesday. Melius Research started coverage on shares of Casey’s General Stores in a research report on Monday, September 23rd. They set a “buy” rating and a $435.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Casey’s General Stores from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. downgraded shares of Casey’s General Stores from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $300.00 to $337.00 in a research note on Thursday, September 19th. Finally, Evercore ISI increased their price objective on shares of Casey’s General Stores from $460.00 to $470.00 and gave the stock an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Casey’s General Stores currently has an average rating of “Moderate Buy” and an average target price of $419.45.

Insider Buying and Selling

In related news, Director Mike Spanos purchased 267 shares of Casey’s General Stores stock in a transaction that occurred on Wednesday, September 18th. The stock was bought at an average price of $376.18 per share, for a total transaction of $100,440.06. Following the completion of the transaction, the director now owns 2,594 shares in the company, valued at $975,810.92. This represents a 11.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Katrina S. Lindsey sold 450 shares of Casey’s General Stores stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $427.13, for a total transaction of $192,208.50. Following the completion of the sale, the insider now directly owns 2,247 shares in the company, valued at approximately $959,761.11. This represents a 16.69 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Casey’s General Stores Profile

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.