New Oriental Education & Technology Group, Inc. $EDU Shares Newly Bought by Summit Global Investments

Summit Global Investments bought a new stake in New Oriental Education & Technology Group, Inc. (NYSE:EDU) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,746 shares of the company’s stock, valued at approximately $818,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its stake in New Oriental Education & Technology Group by 106.9% during the first quarter. EverSource Wealth Advisors LLC now owns 540 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of New Oriental Education & Technology Group in the 1st quarter valued at approximately $209,000. PNC Financial Services Group Inc. grew its stake in shares of New Oriental Education & Technology Group by 14.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,872 shares of the company’s stock valued at $219,000 after purchasing an additional 500 shares during the period. Assetmark Inc. raised its holdings in shares of New Oriental Education & Technology Group by 4,389.0% in the 1st quarter. Assetmark Inc. now owns 5,701 shares of the company’s stock worth $323,000 after buying an additional 5,574 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of New Oriental Education & Technology Group by 42.8% in the 1st quarter. KBC Group NV now owns 5,814 shares of the company’s stock worth $329,000 after buying an additional 1,743 shares in the last quarter.

Insider Transactions at New Oriental Education & Technology Group

In other New Oriental Education & Technology Group news, Director Chenggang Zhou sold 56,948 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $56.83, for a total value of $3,236,354.84. Following the transaction, the director directly owned 429,998 shares in the company, valued at approximately $24,436,786.34. This trade represents a 11.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.50% of the company’s stock.

New Oriental Education & Technology Group Price Performance

EDU opened at $49.31 on Tuesday. New Oriental Education & Technology Group, Inc. has a one year low of $44.25 and a one year high of $64.97. The company’s 50 day simple moving average is $56.71 and its 200-day simple moving average is $54.20. The stock has a market capitalization of $7.65 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 0.54 and a beta of 0.19.

Analysts Set New Price Targets

EDU has been the subject of several analyst reports. Weiss Ratings downgraded New Oriental Education & Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. Wall Street Zen upgraded New Oriental Education & Technology Group from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, New Street Research set a $56.50 price objective on New Oriental Education & Technology Group in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.75.

About New Oriental Education & Technology Group

New Oriental Education & Technology Group Inc (NYSE: EDU) is a China-based education services provider founded in 1993 by Michael Minhong Yu. The company operates schools, learning centers and online platforms that serve students, families and adult learners across China.

Its offerings have historically included test preparation for examinations such as the TOEFL, IELTS and other standardized tests; overseas study consulting; language training; educational services for primary and secondary students; adult and vocational education; and educational technology.