Casey's General Stores (NASDAQ:CASY) Stock Price Up 5.9% Following Earnings Beat

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report)'s share price traded up 5.9% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $412.21 and last traded at $401.19. 88,917 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 281,153 shares. The stock had previously closed at $378.71.

The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.76 by $0.57. Casey's General Stores had a net margin of 3.57% and a return on equity of 17.17%. The business had revenue of $3.90 billion for the quarter, compared to analysts' expectations of $3.74 billion. During the same period in the previous year, the company posted $2.33 EPS. Casey's General Stores's revenue was up 17.2% on a year-over-year basis.

Casey's General Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.52%. Casey's General Stores's dividend payout ratio is currently 13.94%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CASY. StockNews.com downgraded shares of Casey's General Stores from a "buy" rating to a "hold" rating in a research report on Saturday, March 8th. BMO Capital Markets reaffirmed a "market perform" rating and set a $450.00 price objective (up from $400.00) on shares of Casey's General Stores in a report on Wednesday, December 18th. Royal Bank of Canada set a $438.00 target price on shares of Casey's General Stores and gave the company a "sector perform" rating in a research note on Wednesday. Evercore ISI cut their target price on shares of Casey's General Stores from $460.00 to $450.00 and set an "outperform" rating for the company in a research report on Tuesday. Finally, Gordon Haskett raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $423.09.

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Insiders Place Their Bets

In other news, Director Mike Spanos purchased 500 shares of the company's stock in a transaction dated Monday, December 23rd. The stock was bought at an average cost of $396.76 per share, for a total transaction of $198,380.00. Following the purchase, the director now owns 3,097 shares of the company's stock, valued at approximately $1,228,765.72. The trade was a 19.25 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Casey's General Stores

Institutional investors and hedge funds have recently bought and sold shares of the company. Jefferies Financial Group Inc. grew its holdings in shares of Casey's General Stores by 44.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,511 shares of the company's stock worth $599,000 after purchasing an additional 464 shares during the last quarter. Heck Capital Advisors LLC acquired a new stake in Casey's General Stores during the 4th quarter worth approximately $79,000. Focus Partners Advisor Solutions LLC grew its holdings in Casey's General Stores by 76.9% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 3,335 shares of the company's stock worth $1,322,000 after acquiring an additional 1,450 shares during the last quarter. Ames National Corp acquired a new position in Casey's General Stores in the 4th quarter valued at approximately $475,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Casey's General Stores by 2.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,913 shares of the company's stock valued at $42,758,000 after acquiring an additional 3,074 shares during the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Price Performance

The stock has a market cap of $14.29 billion, a P/E ratio of 26.83, a P/E/G ratio of 2.40 and a beta of 0.87. The company's 50 day moving average price is $409.76 and its 200-day moving average price is $399.63. The company has a quick ratio of 0.49, a current ratio of 0.88 and a debt-to-equity ratio of 0.74.

Casey's General Stores Company Profile

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.