New Oriental Education & Technology Group (NYSE:EDU) Downgraded to “Underperform” Rating by Macquarie

New Oriental Education & Technology Group (NYSE:EDU) was downgraded by Macquarie from an “outperform” rating to an “underperform” rating in a research report issued on Wednesday, MarketBeat.com reports. They currently have a $44.00 target price on the stock, down from their prior target price of $79.00. Macquarie’s price objective would suggest a potential downside of 5.69% from the stock’s previous close.

A number of other analysts also recently issued reports on EDU. JPMorgan Chase & Co. downgraded New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $50.00 in a research report on Wednesday. StockNews.com raised shares of New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Morgan Stanley set a $83.00 price target on shares of New Oriental Education & Technology Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.40.

New Oriental Education & Technology Group Stock Down 23.3 %

NYSE:EDU opened at $46.66 on Wednesday. The company has a market cap of $7.92 billion, a P/E ratio of 19.94 and a beta of 0.44. New Oriental Education & Technology Group has a twelve month low of $44.46 and a twelve month high of $98.20. The business has a 50 day moving average price of $60.57 and a two-hundred day moving average price of $65.19.

New Oriental Education & Technology Group (NYSE:EDU) last released its earnings results on Wednesday, October 23rd. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.27. New Oriental Education & Technology Group had a net margin of 8.38% and a return on equity of 9.43%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the firm earned $0.99 earnings per share. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. As a group, analysts anticipate that New Oriental Education & Technology Group will post 2.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Oriental Education & Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aspex Management HK Ltd lifted its position in New Oriental Education & Technology Group by 46.7% during the third quarter. Aspex Management HK Ltd now owns 4,753,340 shares of the company’s stock worth $360,493,000 after acquiring an additional 1,513,640 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of New Oriental Education & Technology Group by 20,215.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 994,431 shares of the company’s stock worth $75,418,000 after buying an additional 989,536 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of New Oriental Education & Technology Group by 192.2% in the third quarter. JPMorgan Chase & Co. now owns 826,783 shares of the company’s stock valued at $62,703,000 after acquiring an additional 543,810 shares in the last quarter. Millennium Management LLC raised its stake in New Oriental Education & Technology Group by 147.5% in the 2nd quarter. Millennium Management LLC now owns 731,758 shares of the company’s stock worth $56,880,000 after purchasing an additional 436,098 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of New Oriental Education & Technology Group during the third quarter worth approximately $27,425,000.

New Oriental Education & Technology Group Company Profile

New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.