Career Education Corporation (CECO) Trading Up 13.8% Following Earnings Beat

Career Education Corporation (NASDAQ:CECO) shares were up 13.8% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $12.39 and last traded at $11.95. Approximately 628,822 shares changed hands during mid-day trading, an increase of 253% from the average daily volume of 178,255 shares. The stock had previously closed at $10.50.

The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The company had revenue of $145.00 million during the quarter, compared to the consensus estimate of $149.10 million. Career Education Corporation had a positive return on equity of 5.03% and a negative net margin of 3.35%. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 EPS.

Several equities research analysts have recently commented on CECO shares. BidaskClub downgraded Career Education Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Piper Jaffray Companies reissued a “hold” rating and issued a $13.00 price objective on shares of Career Education Corporation in a report on Friday, July 21st.

In related news, Director Gregory L. Jackson acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $8.78 per share, with a total value of $87,800.00. Following the acquisition, the director now owns 30,866 shares in the company, valued at approximately $271,003.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.01% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in Career Education Corporation by 1.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,520 shares of the company’s stock valued at $101,000 after acquiring an additional 162 shares during the period. Louisiana State Employees Retirement System raised its stake in Career Education Corporation by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 26,400 shares of the company’s stock valued at $253,000 after acquiring an additional 200 shares during the period. Arizona State Retirement System raised its stake in Career Education Corporation by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 33,800 shares of the company’s stock valued at $324,000 after acquiring an additional 200 shares during the period. Texas Permanent School Fund raised its stake in Career Education Corporation by 1.6% in the 2nd quarter. Texas Permanent School Fund now owns 47,375 shares of the company’s stock valued at $455,000 after acquiring an additional 732 shares during the period. Finally, Thrivent Financial For Lutherans raised its stake in Career Education Corporation by 5.6% in the 1st quarter. Thrivent Financial For Lutherans now owns 36,440 shares of the company’s stock valued at $317,000 after acquiring an additional 1,930 shares during the period. Institutional investors and hedge funds own 75.29% of the company’s stock.

The stock has a market capitalization of $741.37 million, a P/E ratio of 44.71 and a beta of 2.66.

WARNING: This piece was first reported by Community Financial News and is owned by of Community Financial News. If you are reading this piece on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark legislation. The correct version of this piece can be accessed at https://www.com-unik.info/2017/11/03/career-education-corporation-ceco-trading-up-13-8-following-earnings-beat.html.

Career Education Corporation Company Profile

Career Education Corporation, through its colleges, institutions and universities, offers education to students in a range of career-oriented disciplines through online, on-ground and hybrid learning programs. The Company’s American InterContinental University (AIU) and Colorado Technical University (CTU) provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels.

What are top analysts saying about Career Education Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Career Education Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit