As you can see from this Yahoo Finance article, Axar Capital Management has sent StoneMor Inc. a letter expressing “an interest in pursuing discussions concerning strategic alternatives that may be beneficial to the Company and its various stakeholders.” As you may know, and according to E-Trade, Axar Capital Management currently owns 88.6 million of the 118 million common shares of StoneMor Inc. Those 88.6 million shares represent over 75% of the outstanding common stock.
StoneMor Inc. is a Pennsylvania based operator of funeral homes and cemeteries. According to the Yahoo Finance article, StoneMor Inc. owns and operates 301 cemeteries and 70 funeral homes across the United States and Puerto Rico. For the past couple of years StoneMor Inc. has been in what, they have called, a transformative process with the company. In that process they have attempted to “right-size” the company with strategic moves.
During that process, which included strategic selling of some properties, corporate revenue dipped but has appeared to stabilize and grow. Here is StoneMor’s annual revenue according to E-Trade:
- 2018 – $ 316.1 million
- 2019 – $ 257.2 million
- 2020 – $ 279.5 million
- 2021 – $ 161.2 million (First-half of year only)
As of the writing of this article, Wednesday, September 29, 2021, StoneMor Inc. stock was priced at $2.35 per share. At the present time, StoneMor Inc. trades as a public company as does other North American death care service providers Service Corporation International, Carriage Services, and Park Lawn Corporation.
Disclaimer – The author of this article holds a stock position in StoneMor Inc.
More news from the world of Death Care:
- Wellsville considers cremation niches at cemetery. The Review (OH)
- Board: Funeral director forged medical examiner’s signature for cremations. Iowa Capital Dispatch (IA)
- Governor Wolf announces new funding for minority owned businesses in Bucks and Delaware Counties. Pennsylvania Economic Development
Enter your e-mail below to join the 2,332 others who receive Funeral Director Daily articles daily: