1,690,200 Shares in New Oriental Education & Tech Grp (EDU) Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC purchased a new stake in shares of New Oriental Education & Tech Grp (NYSE:EDU) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 1,690,200 shares of the company’s stock, valued at approximately $125,092,000. Renaissance Technologies LLC owned 1.19% of New Oriental Education & Tech Grp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Schroder Investment Management Group lifted its position in shares of New Oriental Education & Tech Grp by 37.4% in the 3rd quarter. Schroder Investment Management Group now owns 8,768,091 shares of the company’s stock worth $648,926,000 after purchasing an additional 2,384,543 shares during the period. BlackRock Inc. lifted its position in shares of New Oriental Education & Tech Grp by 4.2% in the 2nd quarter. BlackRock Inc. now owns 6,786,748 shares of the company’s stock worth $642,432,000 after purchasing an additional 276,215 shares during the period. OppenheimerFunds Inc. lifted its position in shares of New Oriental Education & Tech Grp by 30.4% in the 3rd quarter. OppenheimerFunds Inc. now owns 5,553,839 shares of the company’s stock worth $411,039,000 after purchasing an additional 1,293,535 shares during the period. FIL Ltd lifted its position in shares of New Oriental Education & Tech Grp by 33.3% in the 3rd quarter. FIL Ltd now owns 3,016,531 shares of the company’s stock worth $223,253,000 after purchasing an additional 753,881 shares during the period. Finally, Morgan Stanley lifted its position in shares of New Oriental Education & Tech Grp by 1.7% in the 2nd quarter. Morgan Stanley now owns 2,725,706 shares of the company’s stock worth $258,016,000 after purchasing an additional 44,558 shares during the period. 87.79% of the stock is owned by institutional investors and hedge funds.

Shares of New Oriental Education & Tech Grp stock opened at $57.50 on Friday. The stock has a market capitalization of $8.50 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. New Oriental Education & Tech Grp has a 1 year low of $51.21 and a 1 year high of $108.40.

New Oriental Education & Tech Grp (NYSE:EDU) last issued its quarterly earnings results on Tuesday, October 23rd. The company reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.02. The company had revenue of $859.80 million during the quarter, compared to analyst estimates of $839.68 million. New Oriental Education & Tech Grp had a net margin of 9.86% and a return on equity of 15.47%. New Oriental Education & Tech Grp’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the business earned $1.02 EPS. On average, analysts anticipate that New Oriental Education & Tech Grp will post 1.94 earnings per share for the current year.

New Oriental Education & Tech Grp declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 23rd that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

EDU has been the subject of several research analyst reports. ValuEngine cut shares of New Oriental Education & Tech Grp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 22nd. Morgan Stanley cut shares of New Oriental Education & Tech Grp from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 2nd. CLSA raised shares of New Oriental Education & Tech Grp from an “underperform” rating to a “buy” rating in a research report on Monday, October 15th. JPMorgan Chase & Co. dropped their target price on shares of New Oriental Education & Tech Grp from $113.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, October 24th. Finally, Benchmark dropped their target price on shares of New Oriental Education & Tech Grp from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. New Oriental Education & Tech Grp currently has a consensus rating of “Hold” and a consensus price target of $88.00.

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About New Oriental Education & Tech Grp

New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People's Republic of China. It operates through Language Training and Test Preparation Courses, and Others segments. The company offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People's Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to achieve better scores on entrance exams for admission into high schools or higher education institutions, as well as for children to teach English.

Further Reading: What is a Swap?

Institutional Ownership by Quarter for New Oriental Education & Tech Grp (NYSE:EDU)

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