IvyRock Asset Management HK Ltd lessened its position in shares of New Oriental Education & Technology Group Inc. (NYSE:EDU - Free Report) by 6.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 108,000 shares of the company's stock after selling 7,500 shares during the quarter. New Oriental Education & Technology Group makes up approximately 3.1% of IvyRock Asset Management HK Ltd's investment portfolio, making the stock its 9th largest holding. IvyRock Asset Management HK Ltd owned approximately 0.06% of New Oriental Education & Technology Group worth $6,931,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of New Oriental Education & Technology Group in the 4th quarter valued at about $51,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in New Oriental Education & Technology Group by 14.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company's stock valued at $126,000 after buying an additional 206 shares during the period. Empowered Funds LLC bought a new position in shares of New Oriental Education & Technology Group during the 4th quarter worth approximately $138,000. Blue Trust Inc. grew its position in shares of New Oriental Education & Technology Group by 37.8% during the 4th quarter. Blue Trust Inc. now owns 2,827 shares of the company's stock worth $181,000 after buying an additional 775 shares during the period. Finally, Sei Investments Co. bought a new stake in shares of New Oriental Education & Technology Group in the 4th quarter valued at $224,000.
Analysts Set New Price Targets
Several research analysts recently issued reports on EDU shares. Macquarie lowered shares of New Oriental Education & Technology Group from an "outperform" rating to an "underperform" rating and cut their target price for the stock from $79.00 to $44.00 in a research note on Wednesday, January 22nd. China Renaissance cut shares of New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. StockNews.com lowered New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research report on Thursday, March 13th. Citigroup downgraded New Oriental Education & Technology Group from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $83.00 to $50.00 in a research note on Friday, January 24th. Finally, Morgan Stanley cut New Oriental Education & Technology Group from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $83.00 to $52.00 in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $61.20.
View Our Latest Research Report on EDU
New Oriental Education & Technology Group Price Performance
Shares of NYSE:EDU traded down $0.60 during midday trading on Friday, hitting $46.99. 860,128 shares of the company's stock were exchanged, compared to its average volume of 1,876,046. New Oriental Education & Technology Group Inc. has a 12 month low of $44.46 and a 12 month high of $91.04. The company has a market cap of $7.97 billion, a PE ratio of 20.00 and a beta of 0.47. The stock has a 50 day moving average price of $49.57 and a 200-day moving average price of $58.72.
New Oriental Education & Technology Group Profile
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Free Report)
New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.
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