StoneMor Partners (NYSE:STON) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, September 19th.
According to Zacks, “StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 224 cemeteries and 57 funeral homes in 27 states and Puerto Rico. StoneMor is the only publicly traded deathcare company structured as a partnership. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. “
Separately, B. Riley reduced their target price on StoneMor Partners from $7.00 to $5.00 and set a “hold” rating on the stock in a report on Thursday, July 19th.
Shares of STON stock traded up $0.23 during midday trading on Wednesday, reaching $5.45. 137,601 shares of the stock were exchanged, compared to its average volume of 111,590. StoneMor Partners has a 1 year low of $3.43 and a 1 year high of $7.20. The company has a market capitalization of $194.73 million, a price-to-earnings ratio of -2.78 and a beta of -0.31.
In related news, major shareholder Axar Capital Management L.P. purchased 8,483 shares of the business’s stock in a transaction that occurred on Monday, October 8th. The shares were bought at an average price of $5.19 per share, for a total transaction of $44,026.77. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 406,905 shares of company stock worth $1,874,796 in the last quarter. Company insiders own 9.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in shares of StoneMor Partners by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 800,000 shares of the company’s stock worth $4,104,000 after buying an additional 140,000 shares during the last quarter. Appleton Partners Inc. MA bought a new position in StoneMor Partners in the 3rd quarter valued at approximately $118,000. Fondren Management LP bought a new position in StoneMor Partners in the 2nd quarter valued at approximately $788,000. WealthPLAN Partners LLC lifted its position in StoneMor Partners by 15.8% in the 2nd quarter. WealthPLAN Partners LLC now owns 178,770 shares of the company’s stock valued at $1,078,000 after acquiring an additional 24,377 shares in the last quarter. Finally, Verition Fund Management LLC lifted its position in StoneMor Partners by 144.5% in the 2nd quarter. Verition Fund Management LLC now owns 660,000 shares of the company’s stock valued at $3,980,000 after acquiring an additional 390,115 shares in the last quarter. Institutional investors own 47.65% of the company’s stock.
About StoneMor Partners
StoneMor Partners L.P., together with its subsidiaries, owns and operates cemeteries and funeral homes in the United States. It operates through two segments, Cemetery Operations and Funeral Home Operations. The company's cemetery products and services include interment rights, such as burial lots, lawn crypts, mausoleum crypts, cremation niches, and perpetual care rights; merchandise comprising burial vaults, caskets, grave markers and grave marker bases, and memorials; and installation services for burial vaults, caskets, and other cemetery merchandise, as well as others.
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