Envestnet Asset Management Inc. cut its holdings in shares of Grand Canyon Education Inc (NASDAQ:LOPE) by 1.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,591 shares of the company’s stock after selling 1,137 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.12% of Grand Canyon Education worth $6,595,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LOPE. Norges Bank purchased a new stake in Grand Canyon Education during the fourth quarter valued at about $45,852,000. Gotham Asset Management LLC purchased a new stake in Grand Canyon Education during the fourth quarter valued at about $11,313,000. FMR LLC lifted its holdings in Grand Canyon Education by 4.8% during the fourth quarter. FMR LLC now owns 2,376,673 shares of the company’s stock valued at $228,494,000 after purchasing an additional 107,953 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in Grand Canyon Education by 14.2% during the fourth quarter. Lord Abbett & CO. LLC now owns 780,798 shares of the company’s stock valued at $75,066,000 after purchasing an additional 97,252 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in Grand Canyon Education by 2.9% during the first quarter. BlackRock Inc. now owns 2,049,997 shares of the company’s stock valued at $234,745,000 after purchasing an additional 58,460 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Brian E. Mueller sold 40,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $126.10, for a total value of $5,044,000.00. Following the sale, the chief executive officer now directly owns 320,124 shares of the company’s stock, valued at $40,367,636.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph N. Mildenhall sold 2,000 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $115.03, for a total transaction of $230,060.00. Following the completion of the sale, the insider now directly owns 64,809 shares in the company, valued at $7,454,979.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,900 shares of company stock worth $10,548,685. Insiders own 2.00% of the company’s stock.
Several equities research analysts have commented on the stock. BidaskClub raised shares of Grand Canyon Education from a “hold” rating to a “buy” rating in a report on Wednesday, June 5th. ValuEngine raised shares of Grand Canyon Education from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Grand Canyon Education from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, BMO Capital Markets upped their price objective on shares of Grand Canyon Education to $130.00 and gave the company an “outperform” rating in a report on Friday, February 22nd. Seven research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average target price of $133.20.
Shares of Grand Canyon Education stock opened at $123.76 on Thursday. Grand Canyon Education Inc has a 12-month low of $90.67 and a 12-month high of $130.10. The stock has a market capitalization of $5.97 billion, a PE ratio of 23.85, a PEG ratio of 1.48 and a beta of 0.90. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.17.
Grand Canyon Education (NASDAQ:LOPE) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.13. Grand Canyon Education had a net margin of 29.80% and a return on equity of 21.50%. The firm had revenue of $197.29 million for the quarter, compared to the consensus estimate of $195.60 million. During the same period in the prior year, the firm posted $1.52 earnings per share. The company’s revenue for the quarter was down 28.4% on a year-over-year basis. On average, analysts anticipate that Grand Canyon Education Inc will post 5.24 earnings per share for the current year.
ILLEGAL ACTIVITY NOTICE: This news story was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international copyright laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2019/06/13/envestnet-asset-management-inc-trims-position-in-grand-canyon-education-inc-nasdaqlope.html.
Grand Canyon Education Profile
Grand Canyon Education, Inc provides education services in the United States. It offers technology and academic, counseling and support, and marketing and communication services, as well as back office services, such as financial aid processing, accounting, reporting, tax, human resources, and procurement services to the Grand Canyon University.
Further Reading: What are retained earnings?
Want to see what other hedge funds are holding LOPE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Grand Canyon Education Inc (NASDAQ:LOPE).
Receive News & Ratings for Grand Canyon Education Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Grand Canyon Education and related companies with MarketBeat.com's FREE daily email newsletter.