HOUSTON—Paul Donald Elliott, Senior Vice President and Regional Partner at Carriage Services Inc . (NYSE:CSV), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Elliott sold 5,000 shares of common stock on November 5, 2024. The shares were sold at an average price of $37.78, totaling $188,900.
Following this transaction, Elliott owns 34,166 shares directly and 6,029 shares jointly with his spouse. The sale was executed in multiple transactions, with prices ranging from $37.77 to $37.82 per share.
In other recent news, Carriage Services has reported a strong performance in its third quarter financial results for 2024, with total revenue reaching $100.7 million, an 11.3% increase from the previous year. This marks the third consecutive quarter with revenue surpassing $100 million. The impressive growth was fueled by a substantial rise in preneed cemetery sales and a strategic pricing approach that boosted funeral home operating revenue. In light of these results, Carriage Services has raised its full-year financial guidance and reported advancements in its debt reduction efforts.
The company's third-quarter net income stood at $9.9 million, with GAAP diluted EPS increasing by 110% to $0.63. Furthermore, Carriage Services projects its year-end leverage ratio to be between 4.3x and 4.6x, with anticipated interest expense reductions of $1 million to $1.5 million in Q4. Adjusted free cash flow for the year is expected to be between $55 million and $65 million.
Despite the bullish outlook, Carriage Services did experience a slight decline in funeral contract volume by 1.2% in Q3. However, the company maintains a positive outlook for preneed cemetery sales and funeral home operations heading into 2025.
InvestingPro Insights
While Paul Donald Elliott's recent sale of Carriage Services Inc. (NYSE:CSV) shares might raise eyebrows, a closer look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Carriage Services has demonstrated strong financial health and market momentum.
The company's stock has shown remarkable performance, with a 67.89% price total return over the past year and a 48.5% return in the last six months. This upward trajectory is further supported by an InvestingPro Tip indicating that CSV is trading near its 52-week high, with the current price at 99.97% of that peak.
From a valuation perspective, Carriage Services appears reasonably priced with a P/E ratio of 17.24, which is relatively modest for a company showing consistent growth. The company's revenue growth of 7.34% over the last twelve months and an impressive 11.26% growth in the most recent quarter underscore its expanding business operations.
Notably, Carriage Services has maintained dividend payments for 14 consecutive years, as highlighted by an InvestingPro Tip. This consistency in shareholder returns, coupled with a current dividend yield of 1.19%, may appeal to income-focused investors.
While these insights provide a snapshot of Carriage Services' current position, InvestingPro offers 11 additional tips for a more comprehensive analysis. Investors looking for a deeper dive into CSV's prospects might find these additional insights valuable for their decision-making process.
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