KLP Kapitalforvaltning AS Lowers Stake in Service Corporation International (NYSE:SCI)

Key Points

• KLP Kapitalforvaltning AS reduced its position in Service Corporation International (SCI) by 15.8%, ending the first quarter with a total of 29,400 shares valued at approximately $2.36 million.
• Service Corporation International reported an EPS of $0.96 for the latest quarter, exceeding expectations, with a year-over-year revenue increase of 2.8% to $1.07 billion.
• Institutional investors hold a significant majority of the company's stock, owning 85.53%, with several firms, including FMR LLC and Principal Financial Group, increasing their stakes recently.

KLP Kapitalforvaltning AS lessened its position in shares of Service Corporation International (NYSE:SCI - Free Report) by 15.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,400 shares of the company's stock after selling 5,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Service Corporation International were worth $2,358,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SCI. GAMMA Investing LLC grew its position in shares of Service Corporation International by 20.3% during the first quarter. GAMMA Investing LLC now owns 2,539 shares of the company's stock worth $204,000 after purchasing an additional 429 shares in the last quarter. SG Americas Securities LLC purchased a new position in Service Corporation International in the first quarter worth about $869,000. Principal Financial Group Inc. boosted its holdings in shares of Service Corporation International by 136.1% in the 1st quarter. Principal Financial Group Inc. now owns 782,429 shares of the company's stock worth $62,751,000 after purchasing an additional 451,068 shares during the period. Teacher Retirement System of Texas increased its position in Service Corporation International by 12.6% during the first quarter. Teacher Retirement System of Texas now owns 31,019 shares of the company's stock valued at $2,488,000 after acquiring an additional 3,473 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in Service Corporation International by 7.4% during the first quarter. Ritholtz Wealth Management now owns 9,966 shares of the company's stock valued at $799,000 after acquiring an additional 689 shares during the last quarter. Hedge funds and other institutional investors own 85.53% of the company's stock.

Insider Activity

In related news, Director Tony Coelho sold 5,400 shares of Service Corporation International stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $75.94, for a total value of $410,076.00. Following the completion of the sale, the director owned 43,938 shares in the company, valued at approximately $3,336,651.72. This trade represents a 10.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.40% of the company's stock.

Wall Street Analyst Weigh In

SCI has been the topic of a number of research analyst reports. UBS Group cut their price target on shares of Service Corporation International from $90.00 to $88.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Service Corporation International from a "sell" rating to a "hold" rating in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Service Corporation International has a consensus rating of "Moderate Buy" and an average target price of $89.25.

Service Corporation International Stock Performance

NYSE:SCI traded up $0.14 during trading hours on Tuesday, reaching $76.28. The company had a trading volume of 191,273 shares, compared to its average volume of 1,167,540. The business's 50 day moving average price is $79.07 and its 200-day moving average price is $78.50. The firm has a market cap of $10.86 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 1.87 and a beta of 0.92. Service Corporation International has a 1-year low of $70.46 and a 1-year high of $89.37. The company has a debt-to-equity ratio of 2.87, a current ratio of 0.51 and a quick ratio of 0.46.

Service Corporation International (NYSE:SCI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.91 by $0.05. Service Corporation International had a return on equity of 32.35% and a net margin of 12.58%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the company earned $0.89 EPS. The firm's revenue was up 2.8% compared to the same quarter last year. Research analysts forecast that Service Corporation International will post 3.84 EPS for the current year.

Service Corporation International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Friday, June 13th. Service Corporation International's payout ratio is 35.16%.

About Service Corporation International

Service Corp. International engages in the provision of funeral goods and services. It operates through the Funeral and Cemetery segments. The Funeral segment offers services related to cremations, including the use of home facilities and motor vehicles, arranging and directing services, removal, preparation, embalming, memorialization, and catering.