Casey’s General Stores Inc (NASDAQ:CASY) Sees Large Decline in Short Interest

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Casey’s General Stores Inc (NASDAQ:CASY) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,470,000 shares, a decrease of 7.0% from the September 30th total of 1,580,000 shares. Currently, 4.0% of the company’s shares are short sold. Based on an average trading volume of 312,100 shares, the days-to-cover ratio is currently 4.7 days.

A number of research firms have issued reports on CASY. JPMorgan Chase & Co. increased their target price on shares of Casey’s General Stores from $152.00 to $169.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Gabelli downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. BidaskClub downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. ValuEngine downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, G.Research downgraded shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $172.80.

Casey’s General Stores stock opened at $170.69 on Monday. The company has a market capitalization of $6.29 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.98 and a beta of 0.52. The firm’s fifty day simple moving average is $165.18 and its 200-day simple moving average is $156.66. The company has a current ratio of 0.76, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. Casey’s General Stores has a 1-year low of $116.23 and a 1-year high of $174.88.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings results on Monday, September 9th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.28. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.59 billion. Casey’s General Stores had a net margin of 2.34% and a return on equity of 15.55%. Casey’s General Stores’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.90 EPS. On average, equities research analysts predict that Casey’s General Stores will post 6.31 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.75%. Casey’s General Stores’s dividend payout ratio is currently 23.23%.

In related news, Director Allison M. Wing sold 554 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $165.91, for a total value of $91,914.14. Following the completion of the sale, the director now owns 998 shares in the company, valued at approximately $165,578.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. LS Investment Advisors LLC raised its holdings in shares of Casey’s General Stores by 8.6% during the 3rd quarter. LS Investment Advisors LLC now owns 806 shares of the company’s stock valued at $130,000 after purchasing an additional 64 shares in the last quarter. Eukles Asset Management raised its holdings in shares of Casey’s General Stores by 2.1% during the 2nd quarter. Eukles Asset Management now owns 3,237 shares of the company’s stock valued at $505,000 after purchasing an additional 67 shares in the last quarter. MML Investors Services LLC grew its stake in Casey’s General Stores by 2.5% in the 2nd quarter. MML Investors Services LLC now owns 2,795 shares of the company’s stock valued at $436,000 after buying an additional 69 shares during the last quarter. TrinityPoint Wealth LLC grew its stake in Casey’s General Stores by 4.5% in the 2nd quarter. TrinityPoint Wealth LLC now owns 1,848 shares of the company’s stock valued at $301,000 after buying an additional 80 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its stake in Casey’s General Stores by 9.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 976 shares of the company’s stock valued at $157,000 after buying an additional 83 shares during the last quarter. Institutional investors and hedge funds own 84.83% of the company’s stock.

About Casey’s General Stores

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. The company's stores offer a selection of food, including freshly prepared foods, such as pizza, donuts, and sandwiches; beverage and tobacco products; health and beauty aids; automotive products; school supplies, housewares, and pet supplies; and other nonfood items.

Read More: Arbitrage

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