Summit Global Investments Raises Stock Holdings in Casey’s General Stores, Inc. (NASDAQ:CASY)

Summit Global Investments increased its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 157.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,423 shares of the company’s stock after purchasing an additional 2,093 shares during the quarter. Summit Global Investments’ holdings in Casey’s General Stores were worth $1,306,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Casey’s General Stores in the first quarter valued at about $30,000. Park Place Capital Corp purchased a new position in shares of Casey’s General Stores in the second quarter worth about $31,000. Advisors Asset Management Inc. purchased a new position in shares of Casey’s General Stores in the first quarter worth about $32,000. V Square Quantitative Management LLC purchased a new position in shares of Casey’s General Stores in the fourth quarter worth about $35,000. Finally, Bank & Trust Co purchased a new position in shares of Casey’s General Stores in the second quarter worth about $40,000. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. StockNews.com lowered Casey’s General Stores from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. Wells Fargo & Company raised their target price on Casey’s General Stores from $340.00 to $415.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Benchmark reaffirmed a “buy” rating and set a $410.00 target price on shares of Casey’s General Stores in a report on Wednesday, July 24th. Northcoast Research raised Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $410.00 price objective on the stock in a report on Thursday, July 11th. Finally, BMO Capital Markets raised their price objective on Casey’s General Stores from $305.00 to $400.00 and gave the company a “market perform” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $410.22.

Casey’s General Stores Trading Up 0.6 %

Shares of CASY stock traded up $2.27 on Wednesday, hitting $377.09. The stock had a trading volume of 55,850 shares, compared to its average volume of 281,546. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.87 and a quick ratio of 0.42. The firm has a market capitalization of $13.99 billion, a P/E ratio of 27.97, a P/E/G ratio of 2.81 and a beta of 0.80. Casey’s General Stores, Inc. has a 1 year low of $238.44 and a 1 year high of $401.07. The company’s 50 day moving average price is $376.11 and its 200-day moving average price is $335.20.

Casey’s General Stores (NASDAQ:CASY) last released its earnings results on Tuesday, June 11th. The company reported $2.34 EPS for the quarter, topping the consensus estimate of $1.70 by $0.64. Casey’s General Stores had a return on equity of 17.25% and a net margin of 3.38%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the previous year, the firm posted $1.49 EPS. Casey’s General Stores’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts anticipate that Casey’s General Stores, Inc. will post 14 earnings per share for the current year.

Casey’s General Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were given a dividend of $0.50 per share. This is a boost from Casey’s General Stores’s previous quarterly dividend of $0.43. This represents a $2.00 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Thursday, August 1st. Casey’s General Stores’s dividend payout ratio is currently 14.89%.

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.