Renaissance Technologies LLC lowered its position in New Oriental Education & Technology Group Inc. (NYSE:EDU - Free Report) by 10.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,200,254 shares of the company's stock after selling 386,400 shares during the quarter. Renaissance Technologies LLC owned 1.89% of New Oriental Education & Technology Group worth $205,392,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westpac Banking Corp purchased a new position in New Oriental Education & Technology Group in the fourth quarter valued at about $45,000. SBI Securities Co. Ltd. purchased a new position in shares of New Oriental Education & Technology Group during the 4th quarter valued at approximately $51,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of New Oriental Education & Technology Group by 14.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company's stock worth $126,000 after buying an additional 206 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of New Oriental Education & Technology Group in the fourth quarter worth $138,000. Finally, Blue Trust Inc. raised its holdings in New Oriental Education & Technology Group by 37.8% in the fourth quarter. Blue Trust Inc. now owns 2,827 shares of the company's stock valued at $181,000 after acquiring an additional 775 shares in the last quarter.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on EDU shares. Morgan Stanley downgraded shares of New Oriental Education & Technology Group from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $83.00 to $52.00 in a research report on Wednesday, January 22nd. StockNews.com cut New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research note on Thursday, March 13th. Citigroup lowered New Oriental Education & Technology Group from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $83.00 to $50.00 in a research report on Friday, January 24th. China Renaissance lowered New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. downgraded shares of New Oriental Education & Technology Group from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $85.00 to $50.00 in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $61.20.
Read Our Latest Stock Analysis on EDU
New Oriental Education & Technology Group Price Performance
Shares of NYSE EDU traded up $0.40 during mid-day trading on Friday, hitting $42.97. The company had a trading volume of 2,567,233 shares, compared to its average volume of 1,897,573. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 18.28 and a beta of 0.37. The firm's 50 day simple moving average is $48.51 and its two-hundred day simple moving average is $57.25. New Oriental Education & Technology Group Inc. has a 12 month low of $40.66 and a 12 month high of $91.04.
New Oriental Education & Technology Group Company 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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