1,438,842 Shares in New Oriental Education & Technology Group Inc. (NYSE:EDU) Purchased by Norges Bank

Norges Bank bought a new stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 1,438,842 shares of the company’s stock, valued at approximately $92,345,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in shares of New Oriental Education & Technology Group in the 4th quarter worth approximately $51,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in New Oriental Education & Technology Group by 14.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company’s stock worth $126,000 after buying an additional 206 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of New Oriental Education & Technology Group in the fourth quarter valued at $138,000. Blue Trust Inc. raised its stake in shares of New Oriental Education & Technology Group by 37.8% in the fourth quarter. Blue Trust Inc. now owns 2,827 shares of the company’s stock valued at $181,000 after buying an additional 775 shares during the period. Finally, Sei Investments Co. purchased a new position in shares of New Oriental Education & Technology Group during the 4th quarter valued at $224,000.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EDU shares. Macquarie lowered New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and decreased their price objective for the stock from $79.00 to $44.00 in a report on Wednesday, January 22nd. China Renaissance downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. JPMorgan Chase & Co. cut shares of New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $50.00 in a research note on Wednesday, January 22nd. Citigroup downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $83.00 to $50.00 in a report on Friday, January 24th. Finally, StockNews.com downgraded New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $61.20.

New Oriental Education & Technology Group Trading Up 0.4 %

Shares of NYSE:EDU opened at $48.00 on Wednesday. The company has a 50 day moving average of $49.34 and a 200 day moving average of $58.55. The stock has a market cap of $8.15 billion, a P/E ratio of 20.43 and a beta of 0.47. New Oriental Education & Technology Group Inc. has a 12 month low of $44.46 and a 12 month high of $91.04.

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.