Harvest Fund Management Co. Ltd Sells 53,583 Shares of New Oriental Education & Technology Group, Inc. (NYSE:EDU)

Key Points

• Harvest Fund Management Co. Ltd has reduced its stake in New Oriental Education & Technology Group by 26.3%, owning 150,213 shares after selling 53,583 shares in Q1.
• Several institutional investors have recently changed their positions in the company, with GeoWealth Management increasing its stake by 258.5%.
• Brokerages are optimistic about the stock, with multiple upgrades in ratings and price targets, indicating a consensus rating of "Hold" and an average price target of $52.00.

Harvest Fund Management Co. Ltd decreased its position in New Oriental Education & Technology Group, Inc. (NYSE:EDU - Free Report) by 26.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,213 shares of the company's stock after selling 53,583 shares during the quarter. Harvest Fund Management Co. Ltd owned about 0.09% of New Oriental Education & Technology Group worth $7,188,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. purchased a new position in New Oriental Education & Technology Group during the 4th quarter worth approximately $266,000. Corient Private Wealth LLC lifted its stake in New Oriental Education & Technology Group by 27.4% in the 4th quarter. Corient Private Wealth LLC now owns 3,685 shares of the company's stock worth $237,000 after acquiring an additional 792 shares in the last quarter. Sei Investments Co. purchased a new stake in New Oriental Education & Technology Group in the 4th quarter worth about $224,000. JPMorgan Chase & Co. lifted its stake in New Oriental Education & Technology Group by 175.4% in the 4th quarter. JPMorgan Chase & Co. now owns 2,276,762 shares of the company's stock worth $146,123,000 after acquiring an additional 1,449,979 shares in the last quarter. Finally, Norges Bank purchased a new stake in New Oriental Education & Technology Group in the 4th quarter worth about $92,345,000.

New Oriental Education & Technology Group Stock Down 4.9%

Shares of EDU traded down $2.30 during midday trading on Wednesday, reaching $44.45. 5,602,381 shares of the stock were exchanged, compared to its average volume of 1,348,023. New Oriental Education & Technology Group, Inc. has a 12-month low of $40.66 and a 12-month high of $87.26. The firm has a 50 day simple moving average of $49.04 and a 200-day simple moving average of $48.86. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 18.76 and a beta of 0.28.

New Oriental Education & Technology Group (NYSE:EDU - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.37. New Oriental Education & Technology Group had a net margin of 8.17% and a return on equity of 9.91%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the business earned $0.22 EPS. New Oriental Education & Technology Group's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts expect that New Oriental Education & Technology Group, Inc. will post 2.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EDU has been the subject of several research analyst reports. JPMorgan Chase & Co. raised New Oriental Education & Technology Group from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $48.00 to $62.00 in a research note on Tuesday, June 24th. HSBC downgraded New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research note on Wednesday. Wall Street Zen raised New Oriental Education & Technology Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, Citigroup raised New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $77.00 to $50.00 in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $52.00.

New Oriental Education & Technology Group Company Profile

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.