Carriage Services (CSV) 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 report issued 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 on Thursday, reaching $25.84. 84,742 shares of the company traded hands, compared to its average volume of 138,827. The company has a market cap 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 debt-to-equity ratio of 1.86, a quick ratio of 0.54 and a current ratio of 0.70.

Carriage Services declared that its board has approved a stock buyback program on Wednesday, October 25th that allows the company to repurchase $15.00 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

In related news, COO Mark R. Bruce sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $26.40, for a total value of $79,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 4,241 shares of company stock valued at $111,354. 13.40% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fenimore Asset Management Inc. boosted its holdings in Carriage Services by 0.7% in the 4th quarter. Fenimore Asset Management Inc. now owns 287,955 shares of the company’s stock worth $7,403,000 after buying an additional 2,025 shares during the period. Mendel Money Management bought a new position in Carriage Services in the 4th quarter valued at $2,924,000. Cadence Capital Management LLC boosted its holdings in Carriage Services by 7.8% in the 4th quarter. Cadence Capital Management LLC now owns 48,199 shares of the company’s stock valued at $1,239,000 after purchasing an additional 3,487 shares during the period. Mork Capital Management LLC bought a new position in Carriage Services in the 4th quarter valued at $900,000. Finally, Boston Partners boosted its holdings in Carriage Services by 32.5% in the 4th quarter. Boston Partners now owns 131,609 shares of the company’s stock valued at $3,384,000 after purchasing an additional 32,281 shares during the period. 89.94% of the stock is owned by institutional investors.

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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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