Frontier Capital Management Co. LLC raised its stake in shares of Career Education Corp. (NASDAQ:CECO) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,957,548 shares of the company’s stock after buying an additional 289,554 shares during the quarter. Frontier Capital Management Co. LLC owned about 9.98% of Career Education worth $103,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC grew its holdings in Career Education by 29.0% during the 2nd quarter. SG Americas Securities LLC now owns 18,841 shares of the company’s stock valued at $305,000 after buying an additional 4,241 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Career Education by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 503,290 shares of the company’s stock valued at $6,613,000 after buying an additional 12,110 shares in the last quarter. Bank of Montreal Can purchased a new stake in Career Education during the 2nd quarter valued at approximately $193,000. Los Angeles Capital Management & Equity Research Inc. grew its holdings in Career Education by 105.4% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 48,057 shares of the company’s stock valued at $777,000 after buying an additional 24,660 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Career Education by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 4,497,662 shares of the company’s stock valued at $72,727,000 after buying an additional 273,900 shares in the last quarter. 81.58% of the stock is owned by institutional investors and hedge funds.
In related news, Director Gregory L. Jackson sold 21,828 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $16.46, for a total value of $359,288.88. Following the completion of the transaction, the director now directly owns 62,291 shares of the company’s stock, valued at $1,025,309.86. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard D. Wang sold 250,000 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $15.21, for a total transaction of $3,802,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 365,476 shares of company stock valued at $5,611,654. 5.70% of the stock is currently owned by insiders.
Career Education (NASDAQ:CECO) last posted its earnings results on Wednesday, August 1st. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.08). Career Education had a negative net margin of 2.61% and a positive return on equity of 12.05%. The business had revenue of $142.04 million during the quarter, compared to analysts’ expectations of $141.15 million. During the same period last year, the business posted $0.07 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Career Education Corp. will post 0.87 earnings per share for the current year.
A number of equities research analysts have issued reports on the stock. BidaskClub lowered shares of Career Education from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $19.50 price objective on shares of Career Education in a report on Thursday, August 2nd. Zacks Investment Research lowered shares of Career Education from a “hold” rating to a “sell” rating in a report on Monday, August 6th. Finally, ValuEngine lowered shares of Career Education from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $18.83.
About Career Education
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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