Phocas Financial Corp. Lowers Stock Position in Adtalem Global Education Inc. (NYSE:ATGE)

Key Points

• Phocas Financial Corp. has decreased its holdings in Adtalem Global Education Inc. by 5.5%, now owning 123,847 shares, making it the fund's 4th largest holding.
• Adtalem Global Education reported earnings of $1.92 per share, surpassing analysts' estimates and showing a revenue increase of 12.9% compared to the same quarter last year.
• The company has authorized a $150 million share repurchase program, signaling that the board believes the shares are undervalued.

Phocas Financial Corp. cut its position in Adtalem Global Education Inc. (NYSE:ATGE - Free Report) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,847 shares of the company's stock after selling 7,167 shares during the quarter. Adtalem Global Education comprises 1.9% of Phocas Financial Corp.'s investment portfolio, making the stock its 4th biggest position. Phocas Financial Corp. owned about 0.33% of Adtalem Global Education worth $12,464,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Adtalem Global Education by 11,723.8% during the 1st quarter. GAMMA Investing LLC now owns 173,101 shares of the company's stock valued at $17,421,000 after purchasing an additional 171,637 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of Adtalem Global Education by 58.2% during the first quarter. Allianz Asset Management GmbH now owns 409,437 shares of the company's stock worth $41,206,000 after acquiring an additional 150,702 shares in the last quarter. Westport Asset Management Inc. bought a new stake in shares of Adtalem Global Education in the 4th quarter worth approximately $11,425,000. Norges Bank purchased a new stake in shares of Adtalem Global Education in the 4th quarter valued at $11,157,000. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Adtalem Global Education by 799.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 130,176 shares of the company's stock valued at $11,826,000 after purchasing an additional 115,699 shares in the last quarter. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analyst Ratings Changes

ATGE has been the topic of several recent analyst reports. Jefferies Financial Group assumed coverage on shares of Adtalem Global Education in a report on Wednesday, April 23rd. They issued a "buy" rating and a $135.00 price target on the stock. BMO Capital Markets upped their target price on Adtalem Global Education from $115.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Finally, Barrington Research reissued an "outperform" rating and issued a $140.00 target price on shares of Adtalem Global Education in a research report on Wednesday, July 30th.

Adtalem Global Education Stock Up 3.2%

ATGE traded up $3.66 during midday trading on Wednesday, reaching $118.99. The company's stock had a trading volume of 151,368 shares, compared to its average volume of 469,394. Adtalem Global Education Inc. has a 1 year low of $67.30 and a 1 year high of $140.12. The stock's 50-day moving average is $121.48 and its 200-day moving average is $111.72. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 1.02 and a beta of 0.88. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39.

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

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

Adtalem Global Education Company Profile

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.