[Form 4] Carriage Services, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Rubric Capital Management LP and its managing member David Rosen filed Amendment No. 2 to Schedule 13G disclosing a 6.86 % passive stake in QuidelOrtho Corporation (QDEL) as of 30 June 2025.

The filing covers 4,637,738 common shares, all held with shared voting and dispositive power; neither party claims sole authority over the stock. The position is reported on the basis of 67,625,872 shares outstanding (per QDEL’s 30 March 2025 Form 10-Q). Rubric acts as investment adviser to a series of funds, the largest of which—Rubric Capital Master Fund LP—has the economic right to dividends or sale proceeds exceeding 5 % of QDEL’s shares.

The Schedule 13G is filed under Rule 13d-1(b), signalling a passive investment with no intent to influence control of the issuer. Both reporting persons certify that the shares were acquired in the ordinary course of business and not for activist purposes.

Key ownership details:

• Sole voting/dispositive power: 0 shares
• Shared voting/dispositive power: 4,637,738 shares
• Percent of class: 6.86 %

The amendment updates Rubric’s aggregate holdings but does not announce any purchase or sale terms, financing arrangements, or governance initiatives. Consequently, the disclosure is largely informational, indicating Rubric has crossed—and continues to hold—above the 5 % reporting threshold.

Positive

• Institutional confidence: A respected hedge fund controls 6.86 % of QDEL’s outstanding shares, signalling conviction in the company’s valuation.
• Passive filing: Use of Schedule 13G (rather than 13D) reduces risk of disruptive activism for current management.

Negative

• Potential share overhang: Concentrated ownership by a hedge fund could create selling pressure if Rubric decides to exit.
• Limited strategic insight: Filing provides no information on Rubric’s investment thesis, cost basis, or future intentions beyond passive holding.

Insights

Securities Analyst

TL;DR: Hedge fund Rubric declares 6.9 % passive QDEL stake; informative but not a strategic shift.

This 13G/A affirms Rubric Capital’s sizable, yet passive, ownership in QuidelOrtho. A holding of nearly 7 % can improve market perception by signalling institutional confidence, but the Rule 13d-1(b) filing type limits expectations of activism. No transaction metrics or cost basis are provided, so valuation impact is indeterminate. Overall, the disclosure enhances float concentration but poses no immediate strategic implications.

Portfolio Manager

TL;DR: Position size suggests conviction, but passive stance limits catalyst; monitor future filings.

Rubric’s 4.6 M-share position consolidates roughly 7 % of QDEL’s equity under one hedge-fund umbrella, tightening liquidity and potentially supporting the share price. However, without board ambitions or activist language, the stake is unlikely to drive operational change. Investors should watch Form 13F and any shift to Schedule 13D for signs of an activist pivot or material trimming of the stake.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Metzger Steven D

(Last) (First) (Middle)

3040 POST OAK BLVD.

SUITE 300

(Street)

HOUSTON TX 77056

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARRIAGE SERVICES INC [ CSV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/07/2025		S(1)		348	D	$46.78(2)	73,896	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported transaction was affected automatically pursuant to a Rule 10b5-1(c) Plan entered into by the Reporting Person on November 25, 2024. Accordingly, the Reporting Person had no discretion with regard to the timing of the transaction.

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.72 to $46.83, inclusive. The Reporting Person undertakes to provide to Carriage Services, Inc. ("Carriage"), any security holder of Carriage, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Remarks:

	/s/ Steven D Metzger	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many QuidelOrtho (QDEL) shares does Rubric Capital own?

Rubric Capital reports 4,637,738 common shares, equal to 6.86 % of QDEL’s outstanding stock.

Is Rubric Capital’s stake in QDEL activist or passive?

The filing is a Schedule 13G under Rule 13d-1(b), indicating a passive investment with no intent to influence control.

What is the reference share count used for the ownership calculation?

Ownership percentages are based on 67,625,872 shares outstanding as of 30 April 2025, per QDEL’s latest 10-Q.

Who signed the Schedule 13G/A for Rubric Capital?

Chief Operating Officer Michael Nachmani signed on behalf of Rubric Capital, and David Rosen signed individually.

Does the filing mention any plan to change QuidelOrtho’s management or strategy?

No. The certification explicitly states the shares were not acquired to influence control of the issuer.