Casey’s General Stores (CASY) Stock Rating Upgraded by Zacks Investment Research
Casey’s General Stores (NASDAQ:CASY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm presently has a $148.00 target price on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.03% from the company’s previous close.
According to Zacks, “Shares of Casey's have surged and outpaced the industry in a year. The company continued with its positive earnings surprise streak for the third straight quarter. Notably, the bottom line improved yet again on a year-over-year basis in third-quarter fiscal 2019. However, the top line fell short of the consensus mark. Also, total revenues marginally declined year over year. We note that management trimmed fuel gallons same-store sales projection again. Nevertheless, the company is on track with its Value Creation Plan. This includes new fleet card program, price and product optimization, digital engagements comprising mobile app and online ordering capabilities, cost containment efforts as well as capital reallocation plan. However, higher operating expenses remain a concern. Analysts also pointed that any rise in wholesale fuel costs and higher input costs and promotional activity may impact results.”
Several other equities research analysts have also commented on CASY. BidaskClub lowered Casey’s General Stores from a “buy” rating to a “hold” rating in a research report on Wednesday, January 30th. Sidoti set a $138.00 target price on Casey’s General Stores and gave the company a “hold” rating in a research report on Friday, February 15th. Finally, Gabelli restated a “buy” rating on shares of Casey’s General Stores in a research report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Casey’s General Stores presently has an average rating of “Hold” and an average price target of $137.00.
Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Monday, March 11th. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $0.95 by $0.18. Casey’s General Stores had a return on equity of 14.89% and a net margin of 2.14%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.20 billion. Equities research analysts expect that Casey’s General Stores will post 5.15 earnings per share for the current fiscal year.
In other Casey’s General Stores news, VP William J. Walljasper sold 3,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $126.05, for a total value of $378,150.00. Following the transaction, the vice president now owns 24,785 shares in the company, valued at $3,124,149.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Terry W. Handley sold 5,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $130.05, for a total value of $650,250.00. Following the completion of the transaction, the insider now owns 36,945 shares in the company, valued at approximately $4,804,697.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,500 shares of company stock worth $2,602,775. 0.72% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in CASY. Norges Bank bought a new position in Casey’s General Stores in the fourth quarter worth approximately $46,177,000. Thrivent Financial for Lutherans boosted its holdings in Casey’s General Stores by 174.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 392,085 shares of the company’s stock worth $50,242,000 after acquiring an additional 249,286 shares in the last quarter. Dearborn Partners LLC bought a new position in Casey’s General Stores in the fourth quarter worth approximately $16,156,000. Stifel Financial Corp boosted its holdings in Casey’s General Stores by 2,823.7% in the fourth quarter. Stifel Financial Corp now owns 102,913 shares of the company’s stock worth $13,258,000 after acquiring an additional 99,393 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Casey’s General Stores by 3.1% in the fourth quarter. BlackRock Inc. now owns 3,187,331 shares of the company’s stock worth $408,424,000 after acquiring an additional 95,527 shares in the last quarter. Institutional investors and hedge funds own 89.27% of the company’s stock.
Casey’s General Stores Company Profile
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.
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