New Oriental Education & Technology Group, Inc. (NYSE:EDU) is IvyRock Asset Management HK Ltd's 6th Largest Position

Key Points

• IvyRock Asset Management HK Ltd has significantly reduced its holdings in New Oriental Education & Technology Group by 60.4%, now owning 42,790 shares valued at approximately $2.05 million.
• Several hedge funds, including JPMorgan Chase & Co. and Price T Rowe Associates, have increased their stakes in New Oriental Education, showing a strong interest in the stock.
• Equities analysts have shown a mixed outlook, with ratings shifting from "neutral" to "buy" for New Oriental Education, while the average price target remains around $52.00.

IvyRock Asset Management HK Ltd decreased its stake in New Oriental Education & Technology Group, Inc. (NYSE:EDU - Free Report) by 60.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,790 shares of the company's stock after selling 65,210 shares during the quarter. New Oriental Education & Technology Group makes up 1.0% of IvyRock Asset Management HK Ltd's holdings, making the stock its 6th largest position. IvyRock Asset Management HK Ltd's holdings in New Oriental Education & Technology Group were worth $2,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of EDU. GeoWealth Management LLC boosted its position in New Oriental Education & Technology Group by 258.5% during the fourth quarter. GeoWealth Management LLC now owns 441 shares of the company's stock worth $28,000 after purchasing an additional 318 shares in the last quarter. Westpac Banking Corp acquired a new position in shares of New Oriental Education & Technology Group during the fourth quarter valued at approximately $45,000. Natixis raised its holdings in shares of New Oriental Education & Technology Group by 39.2% during the fourth quarter. Natixis now owns 881 shares of the company's stock valued at $57,000 after acquiring an additional 248 shares during the last quarter. BNP Paribas acquired a new position in shares of New Oriental Education & Technology Group during the fourth quarter valued at approximately $113,000. Finally, KBC Group NV acquired a new position in shares of New Oriental Education & Technology Group during the first quarter valued at approximately $192,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on EDU shares. Wall Street Zen raised New Oriental Education & Technology Group from a "hold" rating to a "buy" rating in a report on Monday, May 5th. Citigroup raised New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating and reduced their target price for the company from $77.00 to $50.00 in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. raised New Oriental Education & Technology Group from a "neutral" rating to an "overweight" rating and increased their target price for the company from $48.00 to $62.00 in a report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, New Oriental Education & Technology Group currently has a consensus rating of "Hold" and a consensus price target of $52.00.

New Oriental Education & Technology Group Trading Up 2.6%

EDU stock traded up $1.21 during midday trading on Friday, hitting $46.73. 1,134,704 shares of the company's stock were exchanged, compared to its average volume of 1,213,983. The business has a 50-day simple moving average of $49.15 and a two-hundred day simple moving average of $49.20. The stock has a market capitalization of $7.93 billion, a PE ratio of 19.72 and a beta of 0.28. New Oriental Education & Technology Group, Inc. has a 1-year low of $40.66 and a 1-year high of $87.26.

New Oriental Education & Technology Group (NYSE:EDU - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.06). New Oriental Education & Technology Group had a return on equity of 9.91% and a net margin of 8.17%. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The company's quarterly revenue was down 2.0% on a year-over-year basis. As a group, research analysts expect that New Oriental Education & Technology Group, Inc. will post 2.75 EPS for the current fiscal year.

New Oriental Education & Technology Group 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.