Carriage Services (CSV) Rating Reiterated by Barrington Research

Carriage Services (NYSE:CSV)‘s stock had its “outperform” rating reissued by Barrington Research in a research note issued on Thursday, The Fly reports. They currently have a $24.00 price target on the stock, down from their previous price target of $32.00. Barrington Research’s target price suggests a potential upside of 56.45% from the company’s current price.

The analysts wrote, “We are reiterating our OUTPERFORM investment rating and advise investors to take advantage of this weakness to establish or add to positions. Our 12-month price target goes to $24 (from $32) to reflect our lower earnings assumptions and a lower multiple on those earnings.””

A number of other equities research analysts have also recently commented on the company. TheStreet cut Carriage Services from a “b-” rating to a “c+” rating in a research note on Thursday, August 30th. ValuEngine cut Carriage Services from a “hold” rating to a “sell” rating in a research note on Monday, August 13th.

Shares of NYSE CSV traded up $0.37 during midday trading on Thursday, hitting $15.34. The stock had a trading volume of 304,971 shares, compared to its average volume of 97,066. The stock has a market capitalization of $365.06 million, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 0.95 and a beta of 0.56. Carriage Services has a fifty-two week low of $14.57 and a fifty-two 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.

Carriage Services (NYSE:CSV) last released its earnings results on Wednesday, October 31st. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.08). The firm had revenue of $64.24 million during the quarter, compared to analyst estimates of $64.79 million. Carriage Services had a net margin of 13.91% and a return on equity of 11.13%. Equities research analysts forecast that Carriage Services will post 1.34 earnings per share for the current fiscal year.

In related news, insider Shawn R. Phillips sold 6,500 shares of Carriage Services 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 completion of the sale, the insider now directly owns 106,946 shares of the company’s stock, valued at $2,315,380.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Donald Douglas Patteson, Jr. acquired 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were bought at an average cost of $23.25 per share, with a total value of $93,000.00. Following the completion of the purchase, the director now owns 51,431 shares of the company’s stock, valued at $1,195,770.75. The disclosure for this purchase can be found here. 13.60% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in CSV. Millennium Management LLC grew its stake in shares of Carriage Services by 1,199.3% during the first quarter. Millennium Management LLC now owns 168,576 shares of the company’s stock worth $4,663,000 after purchasing an additional 155,602 shares during the period. Renaissance Technologies LLC lifted its holdings in Carriage Services by 13.3% during the second quarter. Renaissance Technologies LLC now owns 1,150,700 shares of the company’s stock worth $28,250,000 after acquiring an additional 134,800 shares in the last quarter. Mendel Money Management bought a new position in Carriage Services during the third quarter worth about $2,453,000. Fenimore Asset Management Inc. lifted its holdings in Carriage Services by 28.9% during the third quarter. Fenimore Asset Management Inc. now owns 463,187 shares of the company’s stock worth $9,982,000 after acquiring an additional 103,897 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Carriage Services by 8.4% during the first quarter. BlackRock Inc. now owns 1,293,398 shares of the company’s stock worth $35,775,000 after acquiring an additional 100,187 shares in the last quarter. 78.58% of the stock is owned by institutional investors and hedge funds.

Carriage Services Company Profile

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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