TIAA CREF Investment Management LLC lowered its stake in Service Co. International (NYSE:SCI) by 3.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 778,908 shares of the company’s stock after selling 29,368 shares during the period. TIAA CREF Investment Management LLC’s holdings in Service Co. International were worth $29,069,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Captrust Financial Advisors bought a new position in Service Co. International in the fourth quarter valued at approximately $190,000. Koch Industries Inc. bought a new position in Service Co. International in the fourth quarter valued at approximately $243,000. Quantitative Systematic Strategies LLC bought a new position in Service Co. International in the fourth quarter valued at approximately $293,000. Amundi Pioneer Asset Management Inc. bought a new position in Service Co. International in the fourth quarter valued at approximately $329,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Service Co. International by 44.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,111 shares of the company’s stock valued at $377,000 after buying an additional 3,128 shares in the last quarter. 86.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Service Co. International (NYSE:SCI) opened at $37.03 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 2.22. The company has a market cap of $6,850.88, a price-to-earnings ratio of 23.74, a PEG ratio of 1.69 and a beta of 0.98. Service Co. International has a 1 year low of $30.09 and a 1 year high of $40.28.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Wednesday, March 14th. This is a positive change from Service Co. International’s previous quarterly dividend of $0.15. Service Co. International’s payout ratio is currently 23.86%.
Service Co. International announced that its Board of Directors has approved a share buyback program on Tuesday, February 13th that allows the company to repurchase $298.00 million in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have weighed in on SCI shares. Off Wall Street started coverage on shares of Service Co. International in a research note on Friday, December 15th. They issued a “sell” rating on the stock. Oppenheimer reaffirmed a “buy” rating and issued a $42.00 price target on shares of Service Co. International in a research note on Thursday, January 18th. Credit Suisse Group lifted their price target on shares of Service Co. International from $40.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Deutsche Bank lifted their price target on shares of Service Co. International from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Finally, Bank of America lifted their price target on shares of Service Co. International from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $43.60.
In other news, Director Tony Coelho sold 3,110 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $39.11, for a total value of $121,632.10. Following the sale, the director now owns 63,240 shares of the company’s stock, valued at $2,473,316.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 6.20% of the company’s stock.
About Service Co. 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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