Schwab Charles Investment Management Inc. cut its stake in Carriage Services, Inc. (NYSE:CSV) by 5.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,913 shares of the company’s stock after selling 4,543 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.44% of Carriage Services worth $1,766,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CSV. Millennium Management LLC raised its holdings in Carriage Services by 1,199.3% in the 1st quarter. Millennium Management LLC now owns 168,576 shares of the company’s stock valued at $4,663,000 after acquiring an additional 155,602 shares in the last quarter. BlackRock Inc. increased its stake in shares of Carriage Services by 8.4% in the 1st quarter. BlackRock Inc. now owns 1,293,398 shares of the company’s stock valued at $35,775,000 after purchasing an additional 100,187 shares during the last quarter. Global Alpha Capital Management Ltd. increased its stake in shares of Carriage Services by 13.0% in the 2nd quarter. Global Alpha Capital Management Ltd. now owns 315,993 shares of the company’s stock valued at $7,758,000 after purchasing an additional 36,253 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Carriage Services in the 2nd quarter valued at $1,313,000. Finally, Fenimore Asset Management Inc. increased its stake in shares of Carriage Services by 6.7% in the 2nd quarter. Fenimore Asset Management Inc. now owns 359,290 shares of the company’s stock valued at $8,821,000 after purchasing an additional 22,425 shares during the last quarter. 78.73% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on CSV. Barrington Research reiterated a “buy” rating and issued a $32.00 price target on shares of Carriage Services in a research note on Thursday, August 2nd. ValuEngine lowered Carriage Services from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. Finally, TheStreet lowered Carriage Services from a “b-” rating to a “c+” rating in a research note on Thursday, August 30th.
In related news, insider Shawn R. Phillips sold 6,500 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $21.65, for a total transaction of $140,725.00. Following the sale, the insider now owns 106,946 shares in the company, valued at approximately $2,315,380.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Donald Douglas Patteson, Jr. acquired 4,000 shares of Carriage Services stock in a transaction that occurred on Monday, August 20th. The shares were purchased at an average price of $23.25 per share, for a total transaction of $93,000.00. Following the transaction, the director now directly owns 51,431 shares in the company, valued at $1,195,770.75. The disclosure for this purchase can be found here. Company insiders own 13.60% of the company’s stock.
Shares of CSV opened at $20.47 on Friday. Carriage Services, Inc. has a 52-week low of $20.21 and a 52-week high of $28.96. The company has a debt-to-equity ratio of 1.49, a quick ratio of 2.36 and a current ratio of 2.62. The firm has a market capitalization of $412.75 million, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.07 and a beta of 0.43.
Carriage Services (NYSE:CSV) last issued its quarterly earnings results on Wednesday, August 1st. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.15). Carriage Services had a net margin of 14.40% and a return on equity of 12.49%. The business had revenue of $63.00 million during the quarter, compared to the consensus estimate of $69.16 million. Equities research analysts expect that Carriage Services, Inc. will post 1.34 earnings per share for the current year.
About Carriage Services
Carriage Services, Inc provides funeral and cemetery services, and merchandise in the United States. It operates through two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment offers burial, cremation, and consultation services; removes and prepares remains; sells caskets, urns, and related funeral merchandise; and enables the use of funeral home facilities for visitation, remembrance, and transportation services.
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