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Carriage Services Inc (NYSE:CSV). stock has reached a new 52-week high, with shares climbing to $42.54. This milestone reflects a significant uptrend for the company, which has seen an impressive 68.88% increase over the past year. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $46 to $52, suggesting further upside potential. Investors have shown growing confidence in Carriage Services’ performance and prospects, propelling the stock to this new high. Trading at a P/E ratio of 17.9x, InvestingPro analysis suggests the stock is slightly overvalued relative to its Fair Value. The company’s strategic initiatives and financial results over the past several quarters have contributed to this positive investor sentiment, culminating in the current peak in share price. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of CSV’s valuation and growth prospects.
In other recent news, Carriage Services Inc. has shown strong financial performance in the third quarter of 2024, with total revenue reaching $100.7 million, marking an 11.3% increase from the previous year. This growth was primarily driven by a 27.1% surge in preneed cemetery sales and a strategic pricing approach that boosted funeral home operating revenue by 1.4%. Furthermore, the company has raised its full-year financial guidance, projecting revenue between $395 million and $405 million.
Additionally, Carriage Services has made amendments to its Code of Business Conduct and Ethics, reflecting an enhancement of the company’s compliance requirements. Key updates involve policies related to suppliers and vendors, environmental concerns, and issues of discrimination, retaliation, and harassment. These amendments are available in the Corporate Governance section of the company’s website.
The company is also making progress in its debt reduction efforts, anticipating a year-end leverage ratio between 4.3x and 4.6x. Carriage Services is actively searching for a new CFO and has a positive outlook for preneed cemetery sales and funeral home operations heading into 2025. These are among the recent developments at Carriage Services.
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