Municipal Employees Retirement System of Michigan purchased a new position in shares of Career Education Corp. (NASDAQ:CECO) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 20,170 shares of the company’s stock, valued at approximately $230,000.
Several other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Career Education by 1.0% during the fourth quarter. Barclays PLC now owns 78,943 shares of the company’s stock worth $901,000 after buying an additional 760 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Career Education by 6.7% during the fourth quarter. State of Alaska Department of Revenue now owns 23,273 shares of the company’s stock worth $265,000 after buying an additional 1,470 shares in the last quarter. Texas Permanent School Fund grew its position in shares of Career Education by 4.1% during the fourth quarter. Texas Permanent School Fund now owns 45,651 shares of the company’s stock worth $521,000 after buying an additional 1,781 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Career Education by 10.4% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 56,892 shares of the company’s stock worth $650,000 after buying an additional 5,364 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Career Education by 6.2% in the fourth quarter. Arizona State Retirement System now owns 107,431 shares of the company’s stock valued at $1,227,000 after buying an additional 6,288 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.
In related news, SVP John Robert Kline sold 4,700 shares of Career Education stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $15.20, for a total transaction of $71,440.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jeffrey David Ayers sold 10,918 shares of Career Education stock in a transaction dated Tuesday, January 22nd. The shares were sold at an average price of $12.79, for a total transaction of $139,641.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,521 shares of company stock worth $352,820. Company insiders own 5.58% of the company’s stock.
Shares of NASDAQ CECO opened at $17.66 on Tuesday. Career Education Corp. has a fifty-two week low of $11.01 and a fifty-two week high of $19.07. The stock has a market cap of $1.23 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.25 and a beta of 1.67.
Career Education (NASDAQ:CECO) last issued its quarterly earnings data on Wednesday, February 20th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. Career Education had a net margin of 9.49% and a return on equity of 19.78%. The business had revenue of $145.50 million for the quarter, compared to analysts’ expectations of $144.63 million. During the same period in the previous year, the business earned $0.19 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. On average, research analysts predict that Career Education Corp. will post 1.13 EPS for the current year.
A number of equities research analysts have issued reports on CECO shares. Zacks Investment Research cut Career Education from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. Barrington Research reiterated a “buy” rating and issued a $18.00 target price on shares of Career Education in a research note on Thursday, February 7th. Finally, ValuEngine upgraded Career Education from a “hold” rating to a “buy” rating in a research note on Friday, February 22nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Career Education currently has an average rating of “Buy” and a consensus target price of $20.13.
COPYRIGHT VIOLATION NOTICE: “Municipal Employees Retirement System of Michigan Purchases New Stake in Career Education Corp. (CECO)” was first published by Zolmax and is owned by of Zolmax. If you are reading this news story on another domain, it was copied illegally and republished in violation of US and international copyright law. The legal version of this news story can be accessed at https://zolmax.com/investing/municipal-employees-retirement-system-of-michigan-purchases-new-stake-in-career-education-corp-ceco/3038662.html.
Career Education Profile
Career Education Corporation operates colleges, institutions, and universities that provide education to student population in various career-oriented disciplines through online, campus based, and blended learning programs in the United States. The company operates through three segments: Colorado Technical University (CTU), American InterContinental University (AIU), and All Other Campuses.
Featured Story: How to Trade Using Analysts Ratings
Want to see what other hedge funds are holding CECO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Career Education Corp. (NASDAQ:CECO).
Receive News & Ratings for Career Education Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Career Education and related companies with MarketBeat.com's FREE daily email newsletter.