Carriage Services Inc . (NYSE:CSV) senior vice president and regional partner Shawn R. Phillips has recently sold a significant amount of company stock, according to the latest filings. The transactions, which occurred over a series of days, resulted in a total sale value of over $590,000, with individual share prices ranging from $29.73 to $30.04.
On August 9, Phillips sold 5,000 shares at an average price of $29.73, with the price of shares sold ranging from $29.53 to $29.92. This was followed by a sale of 7,101 shares on August 12 at an average price of $30, with transactions occurring at prices between $29.86 and $30.19. Finally, on August 13, an additional 7,815 shares were sold at an average price of $30.04, with a range from $29.64 to $30.20 per share.
After the sales, Phillips's ownership in Carriage Services stock has been adjusted to 82,885 shares. The sales were made public through a Form 4 filing with the Securities and Exchange Commission, which detailed the transactions and provided a commitment from Phillips to furnish further details upon request regarding the specific number of shares sold at each separate price within the given ranges.
Investors often monitor insider sales as they may provide insights into an executive's view of the company's current valuation and future prospects. In the case of Carriage Services, these transactions represent a notable change in an insider's stake in the company.
Carriage Services Inc., headquartered in Houston, Texas, operates in the personal services industry and is known for providing funeral and cemetery services and merchandise.
For those interested in the ongoing financial movements of Carriage Services executives, further details and updates can be expected in subsequent filings and public disclosures.
In other recent news, Carriage Services has reported notable growth and strategic advancements in their Q2 earnings call. The total revenue for the second quarter of 2024 rose to $102.3 million, marking a 4.8% increase year-over-year, driven in part by a significant 31.1% surge in preneed cemetery sales. The company also highlighted a 13.6% growth in adjusted consolidated EBITDA, reaching $32.6 million.
Despite a slight decrease in funeral home operating revenue, the adjusted net income saw an increase of 20.1%. Carriage Services has also revised their full-year guidance upward, now projecting a revenue between $390 million to $400 million. Furthermore, the company is expecting an adjusted free cash flow between $55 million and $65 million for the full year.
In addition to financial growth, the company is also making strategic moves, including a supply chain review and executive changes. Carriage Services is actively seeking a new CFO and is anticipating significant savings from their supply chain and procurement review. These recent developments underscore Carriage Services' commitment to operational optimization and financial stability.
InvestingPro Insights
Amidst the recent insider sales by senior vice president and regional partner Shawn R. Phillips, Carriage Services Inc. (NYSE:CSV) presents several financial metrics that may be of interest to investors. With a market capitalization of 463.25 million USD, Carriage Services is a moderate-sized player in the personal services industry. The company's P/E ratio stands at 15.55, suggesting a reasonable valuation relative to earnings when compared to industry peers. This is further supported by an adjusted P/E ratio of 15.17 over the last twelve months as of Q2 2024.
From a profitability standpoint, Carriage Services has demonstrated resilience, maintaining profitability over the past year with a gross profit margin of 38.07%. This is coupled with an operating income margin of 20.17%, indicating efficient management and a healthy profit structure. Additionally, the company has a consistent history of dividend payments, rewarding shareholders for 14 consecutive years, which can be an attractive aspect for income-focused investors.
Looking at share performance, Carriage Services has experienced a 1-year price total return of 0.48%, which may not be as robust as some investors would like, but the company's commitment to dividends could compensate for slower share price growth. Moreover, the fair value estimates from analysts sit at 39.5 USD, while InvestingPro's fair value assessment comes in slightly lower at 31.64 USD, offering potential upside from the previous close price of 29.99 USD.
For investors seeking more detailed analysis, there are additional InvestingPro Tips available, which can provide deeper insights into Carriage Services' financial health and future prospects. These include the company's high shareholder yield and a caution regarding the company's short-term obligations exceeding its liquid assets. To explore these tips and more, visit the InvestingPro platform using the link: https://www.investing.com/pro/CSV.
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