Municipal Employees Retirement System of Michigan Purchases New Stake in Career Education Corp. (CECO)

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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.

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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.

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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).

Institutional Ownership by Quarter for Career Education (NASDAQ:CECO)

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