Midwest Trust 13F: Adds $3.9M to CASY Stake
Key Points
- Midwest Trust raised its holdings in Casey's General Stores, Inc. CASY by 23.5% during the period, adding 6,336 shares to end with 33,281 shares valued at $20.3 million.
- Casey's General Stores, Inc. trades around $695.19, sitting below its 200-day moving average and about 25.1% off its 52-week high of $927.85.
- Wall Street firms including RBC Capital and Raymond James updated their outlooks on the stock ahead of its December earnings report.
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Midwest Trust grew its stake in Casey's General Stores, Inc. CASY by 23.5%, purchasing an additional 6,336 shares during the period. According to a Form 13F filing with the SEC on October 22, 2026, the firm held 33,281 shares worth about $20.3 million at the close of the quarter.
CASY
Casey's General Stores, Inc.
What Changed in Midwest Trust's Casey's General Stores, Inc. Position
The institutional investor expanded its position from 26,945 shares up to 33,281 shares. That 23.5% boost brought the total reported value of the holding to $20,250,163 as of the filing date, when the stock closed at $713.65.
Other Institutional Activity in Casey's General Stores, Inc.
Other large investors adjusted their positions in the convenience store operator around the same time. Dz Bank Ag Deutsche Zentral Genossenschafts Bank grew its holdings by 387,353 shares, ending with 834,437 shares worth about $595.5 million following an 86.6% increase. At the same time, Franklin Resources, Inc. trimmed its stake by 177,244 shares, resulting in 773,636 shares valued at approximately $552.1 million after an 18.6% reduction.
Casey's General Stores, Inc. Stock Holds Steady
Shares of the retailer recently traded around $695.19, putting the stock down about 2.6% since the filing date. The price sits roughly 0.5% above its 50-day moving average of $691.87 and 6.0% below its 200-day moving average of $739.32. The stock has traded between a 52-week low of $497.38 and a 52-week high of $927.85.
Recent Earnings
The company reported trailing twelve-month revenue of $18.7 billion and earnings of $20.76 per share. Casey's generated a net profit margin of 4.1% and a return on equity of 20.0%, with year-over-year revenue growth reaching 24.3%. Its next quarterly earnings report is scheduled for December 8, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
8 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 30.0%. Revenue beat estimates by 4.2%.
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Profit surprise
EBITDA missed by 24 percent. Operating income missed by 37 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
8 target raises.
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Earnings quality
Gross margin up 2.8 points. Operating margin down 1.3 points. Positive free cash flow.
Earnings Call Summary
Casey's delivered a strong second quarter with revenue of $4.57 billion, up 14 percent year over year, driven by inside sales growth and fuel gallons. The company gained market share in fuel despite a regional decline of 2 percent, benefiting from strong prepared food sales, particularly whole pies and breakfast items. Inside margins improved 20 basis points to 42.4 percent, with prepared food margins of 58.6 percent. Management credited consistent execution, a strong guest value proposition, and improved cost management including lower cheese costs. Traffic increased 1.5 percent, and the company is on track with Cefco integration, planning store conversions to start in the new calendar year.
Guidance Casey's raised its full-year EBITDA growth outlook to 15 to 17 percent, up from prior expectations. Inside same-store sales are now guided to grow 3 to 4 percent, with inside margins expected to be 41 to 42 percent. The company also expects the tax rate to be 24 to 25 percent.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
The company pays an annual dividend rate of $2.60 per share, which translates to a dividend yield of 0.36%. That payout utilizes 11.4% of the company's earnings.
Insider Buying and Selling at Casey's General Stores, Inc.
Company insiders completed several transactions in late June 2026. Chief Legal Officer Katrina Lindsey sold 3,299 shares on June 15 at $872.39 per share for a total of $2.88 million. Later in the month, Mike Spanos bought 256 shares on June 26 at $778.81 per share, totaling $199,375. Lindsey also sold 2,000 shares on June 29 at $800.00 per share, worth $1.6 million, and disposed of 504 shares on June 30 at no cost.
Analysts Set New Price Targets
Wall Street analysts active on the stock adjusted their views ahead of the filing. On September 10, 2026, Raymond James upgraded the stock to an Outperform rating with a $750.00 price target. On the same day, UBS maintained a Neutral rating while lowering its target from $925.00 to $720.00, and Keybanc maintained an Overweight rating while cutting its target from $970.00 to $780.00. Shortly after, Evercore ISI Group kept an Outperform rating on September 11 while reducing its target from $880.00 to $775.00. Most recently, RBC Capital upgraded the stock to Outperform on October 15 with an $825.00 target, down from its prior $910.00 target. The stock currently holds a consensus buy rating from 19 analysts, with a mean price target of $788.68.
About Casey's General Stores, Inc.
Based in Ankeny, Iowa, Casey's General Stores, Inc. operates a large chain of convenience stores across the United States. The company's locations offer prepared foods such as pizza, donuts, hot breakfast items, and sandwiches, alongside everyday beverages, tobacco, and nicotine products. Institutional interest remains steady as the company prepares for its upcoming winter earnings release.
Bottom Line
Midwest Trust's higher stake reflects active institutional positioning in the retail chain. Investors will look toward the upcoming December 8 earnings report for further updates on financial performance and store growth.
Related Filing Alerts
Source: Midwest Trust's 13F filing on $CASY (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts