Casey’s General Stores (NASDAQ:CASY) Downgraded by JPMorgan Chase & Co.

Casey’s General Stores (NASDAQ:CASY) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Thursday, Marketbeat.com reports. They presently have a $337.00 price objective on the stock, up from their previous price objective of $300.00. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 8.42% from the stock’s previous close.

Several other research analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Casey’s General Stores from $420.00 to $444.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Wells Fargo & Company upped their price target on shares of Casey’s General Stores from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Evercore ISI upped their price target on shares of Casey’s General Stores from $410.00 to $435.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Benchmark restated a “buy” rating and issued a $410.00 price objective on shares of Casey’s General Stores in a report on Tuesday, September 10th. Finally, Royal Bank of Canada increased their price objective on Casey’s General Stores from $393.00 to $403.00 and gave the company a “sector perform” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $404.90.

Casey’s General Stores Stock Up 0.8 %

NASDAQ CASY opened at $368.00 on Thursday. The business has a fifty day moving average price of $374.46 and a two-hundred day moving average price of $346.94. The stock has a market capitalization of $13.66 billion, a PE ratio of 27.40, a PEG ratio of 2.58 and a beta of 0.80. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.84 and a quick ratio of 0.44. Casey’s General Stores has a fifty-two week low of $260.13 and a fifty-two week high of $401.07.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.54 by $0.29. The company had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.15 billion. Casey’s General Stores had a net margin of 3.40% and a return on equity of 17.07%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.52 earnings per share. Equities analysts expect that Casey’s General Stores will post 14.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Casey’s General Stores news, CEO Darren M. Rebelez sold 13,500 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the completion of the sale, the chief executive officer now directly owns 73,838 shares in the company, valued at approximately $27,655,284.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Thomas P. Brennan, Jr. sold 3,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $380.24, for a total transaction of $1,140,720.00. Following the transaction, the insider now owns 9,044 shares of the company’s stock, valued at approximately $3,438,890.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Darren M. Rebelez sold 13,500 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the transaction, the chief executive officer now directly owns 73,838 shares in the company, valued at approximately $27,655,284.52. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Casey’s General Stores

A number of institutional investors and hedge funds have recently made changes to their positions in CASY. Rise Advisors LLC bought a new position in Casey’s General Stores in the 1st quarter valued at about $30,000. Park Place Capital Corp bought a new position in Casey’s General Stores in the 2nd quarter valued at about $31,000. Advisors Asset Management Inc. bought a new position in Casey’s General Stores in the 1st quarter valued at about $32,000. Innealta Capital LLC bought a new position in Casey’s General Stores in the 2nd quarter valued at about $32,000. Finally, V Square Quantitative Management LLC bought a new position in Casey’s General Stores in the 4th quarter valued at about $35,000. Institutional investors own 85.63% 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. 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.