Kornitzer Capital Management Inc. KS Makes New Investment in Casey’s General Stores, Inc. $CASY

Kornitzer Capital Management Inc. KS bought a new position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 875 shares of the company’s stock, valued at approximately $532,000.

Other large investors have also recently bought and sold shares of the company. Fiduciary Financial Advisors purchased a new stake in Casey’s General Stores during the 2nd quarter worth about $26,000. Bell Investment Advisors Inc acquired a new position in shares of Casey’s General Stores during the 2nd quarter worth about $33,000. Anchor Investment Management LLC boosted its position in shares of Casey’s General Stores by 72.0% during the 2nd quarter. Anchor Investment Management LLC now owns 43 shares of the company’s stock worth $34,000 after acquiring an additional 18 shares in the last quarter. Caitlin John LLC purchased a new position in shares of Casey’s General Stores in the 2nd quarter valued at about $35,000. Finally, Polaris Financial Partners purchased a new position in shares of Casey’s General Stores in the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 85.63% of the company’s stock.

Casey’s General Stores Stock Up 0.9%

Casey’s General Stores stock opened at $698.48 on Wednesday. Casey’s General Stores, Inc. has a fifty-two week low of $529.84 and a fifty-two week high of $927.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.61 and a current ratio of 1.02. The company has a market capitalization of $25.82 billion, a P/E ratio of 33.65, a PEG ratio of 2.24 and a beta of 0.59. The stock has a 50-day simple moving average of $656.31 and a 200-day simple moving average of $741.71.

Casey’s General Stores (NASDAQ:CASY) last announced its earnings results on Tuesday, September 8th. The company reported $7.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.78 by $0.59. The firm had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.56 billion. Casey’s General Stores had a return on equity of 19.68% and a net margin of 4.14%. The business’s revenue was up 24.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.77 EPS. Equities research analysts expect that Casey’s General Stores, Inc. will post 21.61 earnings per share for the current year.

Casey’s General Stores Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Sunday, November 1st will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, October 30th. Casey’s General Stores’s dividend payout ratio is presently 12.52%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CASY. JPMorgan Chase & Co. cut their target price on Casey’s General Stores from $975.00 to $833.00 and set a “neutral” rating on the stock in a research report on Thursday, September 3rd. Raymond James Financial raised Casey’s General Stores from a “market perform” rating to an “outperform” rating and set a $750.00 price target for the company in a report on Thursday, September 10th. Wells Fargo & Company lowered their price target on Casey’s General Stores from $960.00 to $750.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. Wall Street Zen lowered shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Finally, Stephens set a $750.00 price objective on shares of Casey’s General Stores in a report on Thursday, September 10th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $835.38.

About Casey’s General Stores

Casey’s General Stores, Inc. (NASDAQ: CASY) is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods. The company’s stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.