Shah Capital Management Decreases Stock Holdings in New Oriental Education & Technology Group Inc. (NYSE:EDU)

Shah Capital Management lessened its holdings in shares of New Oriental Education & Technology Group Inc. (NYSE:EDU) by 5.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 473,682 shares of the company’s stock after selling 24,948 shares during the quarter. New Oriental Education & Technology Group comprises approximately 8.0% of Shah Capital Management’s portfolio, making the stock its 4th biggest holding. Shah Capital Management’s holdings in New Oriental Education & Technology Group were worth $36,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new position in shares of New Oriental Education & Technology Group during the 2nd quarter valued at $43,000. Assetmark Inc. lifted its position in shares of New Oriental Education & Technology Group by 1,642.9% in the fourth quarter. Assetmark Inc. now owns 610 shares of the company’s stock valued at $45,000 after acquiring an additional 575 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of New Oriental Education & Technology Group in the second quarter worth about $50,000. Blue Trust Inc. grew its position in shares of New Oriental Education & Technology Group by 782.4% during the second quarter. Blue Trust Inc. now owns 803 shares of the company’s stock worth $62,000 after purchasing an additional 712 shares in the last quarter. Finally, Yousif Capital Management LLC purchased a new stake in shares of New Oriental Education & Technology Group during the first quarter worth about $231,000.

New Oriental Education & Technology Group Stock Performance

Shares of New Oriental Education & Technology Group stock opened at $61.25 on Wednesday. The stock has a market cap of $10.39 billion, a price-to-earnings ratio of 32.93 and a beta of 0.46. The stock has a 50 day moving average price of $67.81 and a 200-day moving average price of $78.05. New Oriental Education & Technology Group Inc. has a one year low of $53.44 and a one year high of $98.20.

New Oriental Education & Technology Group (NYSE:EDU) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.19). New Oriental Education & Technology Group had a return on equity of 7.50% and a net margin of 7.18%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Sell-side analysts predict that New Oriental Education & Technology Group Inc. will post 2.83 earnings per share for the current fiscal year.

New Oriental Education & Technology Group Dividend Announcement

The company also recently declared a — dividend, which will be paid on Monday, September 23rd. Investors of record on Monday, September 9th will be issued a dividend of $0.58 per share. The ex-dividend date is Monday, September 9th.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. HSBC started coverage on shares of New Oriental Education & Technology Group in a report on Wednesday, May 29th. They issued a “buy” rating and a $110.00 target price on the stock. Citigroup decreased their price objective on New Oriental Education & Technology Group from $127.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.67.

New Oriental Education & Technology Group Profile

New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People’s Republic of China. The company operates through four segments: Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Educational Materials and Distribution.