Harvest Fund Management Co. Ltd Buys 4,498 Shares of Adtalem Global Education Inc. (NYSE:ATGE)

Key Points

• Harvest Fund Management increased its stake in Adtalem Global Education by 122.9%, acquiring a total of 8,159 shares valued at approximately $821,000.
• In the first quarter, other institutional investors also raised their holdings, with Fifth Third Bancorp increasing its position by 56.8% and GAMMA Investing LLC by 17.5%.
• Adtalem Global Education reported better-than-expected quarterly earnings with an EPS of $1.92 and announced a $150 million stock buyback plan indicating management's belief that shares are undervalued.

Harvest Fund Management Co. Ltd boosted its holdings in Adtalem Global Education Inc. (NYSE:ATGE - Free Report) by 122.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,159 shares of the company's stock after purchasing an additional 4,498 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Adtalem Global Education were worth $821,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Fifth Third Bancorp increased its stake in Adtalem Global Education by 56.8% in the first quarter. Fifth Third Bancorp now owns 287 shares of the company's stock valued at $29,000 after acquiring an additional 104 shares during the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of Adtalem Global Education in the 1st quarter valued at $31,000. USA Financial Formulas raised its holdings in shares of Adtalem Global Education by 214.9% during the 1st quarter. USA Financial Formulas now owns 888 shares of the company's stock worth $89,000 after buying an additional 606 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Adtalem Global Education by 10,488.9% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 953 shares of the company's stock valued at $96,000 after buying an additional 944 shares in the last quarter. Finally, Sterling Capital Management LLC grew its position in Adtalem Global Education by 774.8% in the fourth quarter. Sterling Capital Management LLC now owns 971 shares of the company's stock valued at $88,000 after acquiring an additional 860 shares during the last quarter. Institutional investors own 98.84% of the company's stock.

Analyst Upgrades and Downgrades

ATGE has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of Adtalem Global Education in a report on Wednesday, April 23rd. They set a "buy" rating and a $135.00 price target on the stock. BMO Capital Markets raised their price objective on shares of Adtalem Global Education from $115.00 to $132.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Finally, Barrington Research reissued an "outperform" rating and set a $140.00 target price on shares of Adtalem Global Education in a report on Wednesday.

Insiders Place Their Bets

In other news, Director William W. Burke sold 2,291 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $128.35, for a total value of $294,049.85. Following the transaction, the director directly owned 9,368 shares of the company's stock, valued at $1,202,382.80. The trade was a 19.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.00% of the company's stock.

Adtalem Global Education Trading Up 0.4%

ATGE traded up $0.48 during midday trading on Friday, hitting $114.75. 401,311 shares of the company were exchanged, compared to its average volume of 473,895. The firm's 50 day moving average price is $122.34 and its 200-day moving average price is $111.26. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $4.28 billion, a P/E ratio of 19.03, a P/E/G ratio of 1.02 and a beta of 0.90. Adtalem Global Education Inc. has a 1-year low of $67.30 and a 1-year high of $140.12.

Adtalem Global Education (NYSE:ATGE - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $1.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.29. Adtalem Global Education had a net margin of 13.34% and a return on equity of 17.47%. The firm had revenue of $466.06 million for the quarter, compared to the consensus estimate of $447.19 million. During the same quarter in the previous year, the company earned $1.50 EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities analysts forecast that Adtalem Global Education Inc. will post 6.2 EPS for the current fiscal year.

Adtalem Global Education declared that its board has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

About Adtalem Global Education

Adtalem Global Education Inc provides workforce solutions worldwide. It operates through three segments, Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment offers degree and non-degree programs in the nursing and health professions postsecondary education industry. This segment operates Chamberlain University.