ABS Direct Equity Fund LLC Increases Stake in New Oriental Education & Technology Group Inc. (NYSE:EDU)

ABS Direct Equity Fund LLC increased its holdings in New Oriental Education & Technology Group Inc. (NYSE:EDU) by 17.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,400 shares of the company’s stock after purchasing an additional 1,100 shares during the quarter. ABS Direct Equity Fund LLC’s holdings in New Oriental Education & Technology Group were worth $561,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Aspex Management HK Ltd increased its stake in shares of New Oriental Education & Technology Group by 46.7% in the third quarter. Aspex Management HK Ltd now owns 4,753,340 shares of the company’s stock worth $360,493,000 after buying an additional 1,513,640 shares during the period. Renaissance Technologies LLC raised its stake in shares of New Oriental Education & Technology Group by 5.5% during the second quarter. Renaissance Technologies LLC now owns 3,175,554 shares of the company’s stock valued at $246,836,000 after acquiring an additional 164,600 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of New Oriental Education & Technology Group by 23.2% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,823,200 shares of the company’s stock worth $138,271,000 after purchasing an additional 342,800 shares during the period. WT Asset Management Ltd grew its stake in shares of New Oriental Education & Technology Group by 21.4% in the second quarter. WT Asset Management Ltd now owns 1,730,772 shares of the company’s stock worth $134,533,000 after purchasing an additional 304,712 shares during the last quarter. Finally, Farallon Capital Management LLC increased its holdings in New Oriental Education & Technology Group by 139.0% during the 2nd quarter. Farallon Capital Management LLC now owns 1,469,590 shares of the company’s stock valued at $114,231,000 after purchasing an additional 854,590 shares during the period.

Analysts Set New Price Targets

EDU has been the topic of a number of recent analyst reports. StockNews.com upgraded New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Morgan Stanley set a $83.00 price target on New Oriental Education & Technology Group in a research note on Thursday, October 17th.

New Oriental Education & Technology Group Stock Performance

New Oriental Education & Technology Group stock opened at $68.23 on Tuesday. New Oriental Education & Technology Group Inc. has a fifty-two week low of $54.00 and a fifty-two week high of $98.20. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 29.16 and a beta of 0.46. The stock’s 50 day simple moving average is $64.62 and its two-hundred day simple moving average is $68.76.

New Oriental Education & Technology Group (NYSE:EDU) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.27. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. New Oriental Education & Technology Group had a return on equity of 9.43% and a net margin of 8.38%. The firm’s revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. On average, analysts predict that New Oriental Education & Technology Group Inc. will post 2.94 earnings per share for the current year.

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.