Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Carriage Services, Inc. $CSV

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Carriage Services, Inc. by 31.6% during the first quarter, owning 34,642 shares valued at $1.34 million after selling 16,000 shares.
• Carriage Services reported earnings of $0.74 per share, exceeding analyst estimates of $0.72, alongside quarterly revenue of $102.15 million, surpassing expectations of $101.36 million.
• The company announced a quarterly dividend of $0.1125 per share, with a dividend yield of 1.0%, expected to be paid on September 2nd to shareholders of record on August 4th.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Carriage Services, Inc. (NYSE:CSV - Free Report) by 31.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,642 shares of the company's stock after selling 16,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.22% of Carriage Services worth $1,342,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Carriage Services during the fourth quarter valued at approximately $3,566,000. LPL Financial LLC increased its position in Carriage Services by 120.2% during the 1st quarter. LPL Financial LLC now owns 135,893 shares of the company's stock valued at $5,266,000 after buying an additional 74,193 shares in the last quarter. De Lisle Partners LLP increased its position in Carriage Services by 48.4% during the 1st quarter. De Lisle Partners LLP now owns 184,101 shares of the company's stock valued at $7,148,000 after buying an additional 60,030 shares in the last quarter. LSV Asset Management raised its stake in Carriage Services by 9.7% during the first quarter. LSV Asset Management now owns 648,417 shares of the company's stock valued at $25,126,000 after buying an additional 57,500 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in Carriage Services by 42.7% in the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 81,365 shares of the company's stock worth $3,153,000 after acquiring an additional 24,345 shares in the last quarter. Institutional investors own 66.46% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barrington Research raised their price target on Carriage Services from $50.00 to $60.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen lowered shares of Carriage Services from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. B. Riley reaffirmed a "buy" rating and issued a $65.00 target price (up from $52.00) on shares of Carriage Services in a report on Friday, August 8th. Zacks Research upgraded shares of Carriage Services to a "strong-buy" rating in a report on Monday, August 11th. Finally, Roth Mkm reissued a "buy" rating and set a $51.00 price target (up previously from $48.00) on shares of Carriage Services in a research report on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $58.67.

Carriage Services Stock Performance

Shares of CSV stock traded down $0.0170 during trading hours on Thursday, reaching $45.1130. The company had a trading volume of 66,615 shares, compared to its average volume of 112,145. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.90 and a current ratio of 1.06. The business has a fifty day moving average price of $45.83 and a 200-day moving average price of $42.28. Carriage Services, Inc. has a one year low of $30.15 and a one year high of $49.41. The firm has a market cap of $708.27 million, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.92 and a beta of 0.83.

Carriage Services (NYSE:CSV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.02. Carriage Services had a net margin of 12.85% and a return on equity of 21.63%. The company had revenue of $102.15 million for the quarter, compared to the consensus estimate of $101.36 million. Sell-side analysts predict that Carriage Services, Inc. will post 2.5 earnings per share for the current fiscal year.

Carriage Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 4th will be issued a $0.1125 dividend. The ex-dividend date of this dividend is Monday, August 4th. This represents a $0.45 annualized dividend and a dividend yield of 1.0%. Carriage Services's payout ratio is presently 13.51%.

Carriage Services Company Profile

Carriage Services, Inc provides funeral and cemetery services, and merchandise in the United States. It operates in two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment provides consultation services; funeral home facilities for visitation and memorial services; transportation services; removal and preparation of remains; sale of caskets and urns; cremation services; and related funeral merchandise.