StoneMor Partners (NYSE:STON) Stock Price Down 6.8% Following Insider Selling

StoneMor Partners L.P. (NYSE:STON)’s stock price was down 6.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $0.99 and last traded at $1.10, approximately 768,369 shares changed hands during mid-day trading. An increase of 304% from the average daily volume of 190,039 shares. The stock had previously closed at $1.18.

Specifically, major shareholder Mangrove Partners Master Fund, sold 50,805 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $1.51, for a total transaction of $76,715.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 400,445 shares of company stock valued at $476,798. Insiders own 9.80% of the company’s stock.

The firm’s 50-day moving average is $1.09 and its 200-day moving average is $1.19. The firm has a market cap of $50.31 million, a price-to-earnings ratio of -0.29 and a beta of 1.08.

A hedge fund recently raised its stake in StoneMor Partners stock. Axar Capital Management L.P. boosted its holdings in StoneMor Partners L.P. (NYSE:STON) by 50.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,674,095 shares of the company’s stock after purchasing an additional 3,925,660 shares during the quarter. StoneMor Partners comprises approximately 31.9% of Axar Capital Management L.P.’s investment portfolio, making the stock its 2nd largest holding. Axar Capital Management L.P. owned about 27.38% of StoneMor Partners worth $16,927,000 at the end of the most recent quarter. 65.38% of the stock is owned by hedge funds and other institutional investors.

About StoneMor Partners (NYSE:STON)

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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