Municipal Employees Retirement System of Michigan trimmed its position in Service Corporation International (NYSE:SCI) by 22.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,630 shares of the company’s stock after selling 15,940 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Service Corporation International were worth $1,954,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of SCI. Teachers Advisors LLC grew its stake in Service Corporation International by 4.5% in the first quarter. Teachers Advisors LLC now owns 218,835 shares of the company’s stock worth $6,758,000 after purchasing an additional 9,350 shares during the period. PNC Financial Services Group Inc. grew its stake in Service Corporation International by 4.5% in the first quarter. PNC Financial Services Group Inc. now owns 8,677 shares of the company’s stock worth $267,000 after purchasing an additional 375 shares during the period. HighTower Advisors LLC purchased a new stake in Service Corporation International in the first quarter worth $255,000. Oregon Public Employees Retirement Fund grew its stake in Service Corporation International by 4.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 71,420 shares of the company’s stock worth $2,389,000 after purchasing an additional 2,888 shares during the period. Finally, Aperio Group LLC grew its stake in Service Corporation International by 12.2% in the second quarter. Aperio Group LLC now owns 45,879 shares of the company’s stock worth $1,535,000 after purchasing an additional 4,974 shares during the period. 85.47% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on SCI shares. BidaskClub raised Service Corporation International from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 19th. Zacks Investment Research downgraded Service Corporation International from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $39.00 price target on shares of Service Corporation International in a report on Tuesday, September 26th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $39.75.
Service Corporation International (NYSE:SCI) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.06. The firm had revenue of $731.30 million during the quarter, compared to analyst estimates of $735.62 million. Service Corporation International had a return on equity of 24.85% and a net margin of 11.83%. Service Corporation International’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS. analysts expect that Service Corporation International will post 1.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.60 annualized dividend and a yield of 1.72%. Service Corporation International’s payout ratio is currently 31.58%.
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In other news, insider Michael R. Webb sold 202,000 shares of Service Corporation International stock in a transaction on Friday, September 8th. The stock was sold at an average price of $34.70, for a total value of $7,009,400.00. Following the transaction, the insider now directly owns 622,903 shares in the company, valued at approximately $21,614,734.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Gregory T. Sangalis sold 72,300 shares of Service Corporation International stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $35.40, for a total value of $2,559,420.00. Following the completion of the transaction, the vice president now owns 129,883 shares in the company, valued at $4,597,858.20. The disclosure for this sale can be found here. Insiders have sold a total of 604,800 shares of company stock worth $21,109,153 over the last 90 days. 6.20% of the stock is currently owned by company insiders.
About Service Corporation International
Service Corporation International is a provider of deathcare products and services, with a network of funeral service locations and cemeteries. The Company’s segments include Funeral, Cemetery and Corporate. It conducts both funeral and cemetery operations in the United States and Canada. As December 31, 2016, it operated 1,502 funeral service locations and 470 cemeteries, including 281 funeral service/cemetery combination locations, which are geographically diversified across 45 states, eight Canadian provinces, the District of Columbia, and Puerto Rico.
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