Why Carriage Services Shares Are Soaring Today
Portfolio Pulse from Shivani Kumaresan
Carriage Services Inc's shares surged after the Board of Directors initiated a process to explore potential strategic alternatives, including sale, merger, or other transactions to maximize shareholder value. This comes a week after Carlos R. Quezada was appointed as CEO. The company reported a 2.8% Y/Y increase in Q1 FY23 revenue. Last year, the company announced a plan to maximize Free Cash Flow for rapid paydown of credit facility borrowings over 2023 and 2024.
June 29, 2023 | 2:18 pm
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Carriage Services Inc's shares surged after the company announced it is exploring strategic alternatives. This could potentially lead to a sale, merger, or other transactions that could maximize shareholder value.
The announcement of exploring strategic alternatives often leads to a surge in a company's stock as it indicates potential for increased shareholder value. The recent appointment of a new CEO and a plan to maximize Free Cash Flow also contribute to the positive outlook.
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