Voloridge Investment Management LLC Increases Position in Service Co. International (NYSE:SCI)

Voloridge Investment Management LLC lifted its holdings in Service Co. International (NYSE:SCI) by 120.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,702 shares of the company’s stock after buying an additional 23,892 shares during the period. Voloridge Investment Management LLC’s holdings in Service Co. International were worth $2,089,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. boosted its position in Service Co. International by 3.7% in the third quarter. Oppenheimer & Co. Inc. now owns 24,064 shares of the company’s stock worth $1,151,000 after purchasing an additional 850 shares during the last quarter. BlackRock Inc. increased its position in shares of Service Co. International by 0.6% during the 2nd quarter. BlackRock Inc. now owns 16,219,458 shares of the company’s stock valued at $758,745,000 after purchasing an additional 102,413 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Service Co. International by 1.6% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 615,530 shares of the company’s stock worth $28,794,000 after purchasing an additional 9,890 shares during the period. Mackenzie Financial Corp raised its stake in shares of Service Co. International by 77.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,441,570 shares of the company’s stock worth $67,437,000 after purchasing an additional 627,607 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Service Co. International by 148.2% in the 3rd quarter. First Trust Advisors LP now owns 200,544 shares of the company’s stock worth $9,588,000 after buying an additional 119,749 shares during the last quarter. 88.82% of the stock is owned by institutional investors.

A number of research firms recently issued reports on SCI. ValuEngine downgraded shares of Service Co. International from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Credit Suisse Group reissued a “buy” rating and set a $52.00 target price on shares of Service Co. International in a research report on Monday, November 4th.

In related news, insider Tammy R. Moore sold 7,900 shares of Service Co. International stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $46.89, for a total value of $370,431.00. Following the completion of the transaction, the insider now directly owns 32,763 shares in the company, valued at approximately $1,536,257.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas L. Ryan sold 50,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $47.45, for a total transaction of $2,372,500.00. Following the sale, the chief executive officer now directly owns 1,072,809 shares in the company, valued at approximately $50,904,787.05. The disclosure for this sale can be found here. In the last three months, insiders sold 70,598 shares of company stock valued at $3,343,419. 5.50% of the stock is currently owned by insiders.

Service Co. International stock opened at $43.24 on Wednesday. The business’s 50 day simple moving average is $44.68 and its 200 day simple moving average is $45.84. Service Co. International has a 12 month low of $37.52 and a 12 month high of $48.69. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 2.06 and a beta of 0.86. The company has a current ratio of 0.63, a quick ratio of 0.58 and a debt-to-equity ratio of 1.95.

Service Co. International (NYSE:SCI) last released its earnings results on Wednesday, October 30th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.01). The firm had revenue of $769.20 million during the quarter, compared to analysts’ expectations of $790.05 million. Service Co. International had a return on equity of 19.90% and a net margin of 12.98%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 earnings per share. As a group, equities research analysts forecast that Service Co. International will post 1.9 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.72 annualized dividend and a dividend yield of 1.67%. Service Co. International’s payout ratio is 40.22%.

Service Co. International declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 14th that authorizes the company to repurchase $246.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Service Co. International Company Profile

Service Corporation International provides deathcare products and services in the United States and Canada. The company operates through Funeral and Cemetery segments. Its funeral service and cemetery operations comprise funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and other businesses.

Further Reading: Consumer behavior in bull markets

Institutional Ownership by Quarter for Service Co. International (NYSE:SCI)

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