Carriage Services (CSV) Downgraded 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 report issued to clients and investors on Wednesday.

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 $0.09 on Wednesday, hitting $25.43. The stock had a trading volume of 81,419 shares, compared to its average volume of 131,739. Carriage Services has a 1 year low of $23.15 and a 1 year high of $28.96. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.70 and a quick ratio of 0.54. The stock has a market cap of $411.00, a PE ratio of 24.93, a P/E/G ratio of 0.95 and a beta of 0.82.

Carriage Services (NYSE:CSV) last released its earnings results on Wednesday, February 14th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Carriage Services had a net margin of 7.29% and a return on equity of 13.54%. The company had revenue of $65.10 million during the quarter, compared to the consensus estimate of $65.34 million. During the same period last year, the firm posted $0.36 EPS. The company’s revenue was up 3.5% on a year-over-year basis. research analysts expect that Carriage Services will post 1.39 EPS for the current fiscal year.

Carriage Services announced that its board has authorized a share repurchase plan on Wednesday, October 25th that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

In other news, COO Mark R. Bruce sold 3,000 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $26.40, for a total value of $79,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 4,241 shares of company stock valued at $111,354. 13.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSV. Alliancebernstein L.P. bought a new stake in shares of Carriage Services in the 2nd quarter valued at about $229,000. The Manufacturers Life Insurance Company lifted its stake in shares of Carriage Services by 5.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,648 shares of the company’s stock valued at $340,000 after acquiring an additional 698 shares during the last quarter. New York State Common Retirement Fund raised its position in Carriage Services by 25.5% during the 2nd quarter. New York State Common Retirement Fund now owns 18,700 shares of the company’s stock valued at $504,000 after purchasing an additional 3,799 shares during the last quarter. OxFORD Asset Management LLP bought a new position in Carriage Services during the 2nd quarter valued at approximately $576,000. Finally, Bank of Nova Scotia bought a new position in Carriage Services during the 2nd quarter valued at approximately $693,000. 90.84% of the stock is owned by institutional investors.

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Carriage Services Company Profile

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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