Carriage Services (CSV) Rating Lowered to Sell at Zacks Investment Research

Carriage Services (NYSE:CSV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Carriage Services, Inc. is a leading provider of death care services and products in the United States. Carriage provides a complete range of services relating to funerals, burials and cremations, including the use of funeral homes and motor vehicles, the performance of cemetery interment services and the management and maintenance of cemetery grounds. They also sell related products and merchandise including caskets, burial vaults, garments, cemetery interment rights, stone and bronze memorials, as well as other items. “

Carriage Services (NYSE:CSV) traded down $0.41 during midday trading on Thursday, reaching $25.84. 84,742 shares of the company were exchanged, compared to its average volume of 138,827. The firm has a market capitalization of $415.98, a P/E ratio of 25.33, a PEG ratio of 0.96 and a beta of 0.82. Carriage Services has a 52 week low of $23.15 and a 52 week high of $28.96. The company has a quick ratio of 0.54, a current ratio of 0.70 and a debt-to-equity ratio of 1.86.

Carriage Services declared that its board has initiated a share repurchase plan on Wednesday, October 25th that allows the company to buyback $15.00 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, COO Mark R. Bruce sold 3,000 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $26.40, for a total transaction of $79,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 4,241 shares of company stock valued at $111,354 over the last 90 days. 13.40% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CSV. Alliancebernstein L.P. acquired a new position in Carriage Services during the second quarter valued at $229,000. The Manufacturers Life Insurance Company raised its position in shares of Carriage Services by 5.8% in the second quarter. The Manufacturers Life Insurance Company now owns 12,648 shares of the company’s stock worth $340,000 after acquiring an additional 698 shares during the period. New York State Common Retirement Fund raised its position in shares of Carriage Services by 25.5% in the second quarter. New York State Common Retirement Fund now owns 18,700 shares of the company’s stock worth $504,000 after acquiring an additional 3,799 shares during the period. OxFORD Asset Management LLP acquired a new position in shares of Carriage Services in the second quarter worth about $576,000. Finally, Bank of Nova Scotia acquired a new position in shares of Carriage Services in the second quarter worth about $693,000. Institutional investors own 89.94% of the company’s stock.

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About Carriage Services

Carriage Services, Inc is a provider of death care services and merchandise in the United States. The Company operates in two business segments: Funeral Home Operations and Cemetery Operations. The Funeral Homes segment provides funeral services (traditional burial and cremation) and sells related merchandise, such as caskets and urns.

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