Mangrove Partners Has $26.25 Million Holdings in Career Education Corporation (CECO)
Mangrove Partners raised its stake in Career Education Corporation (NASDAQ:CECO) by 32.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,526,019 shares of the company’s stock after acquiring an additional 618,332 shares during the period. Career Education accounts for about 4.5% of Mangrove Partners’ investment portfolio, making the stock its 9th biggest holding. Mangrove Partners owned about 3.66% of Career Education worth $26,245,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Bayesian Capital Management LP acquired a new position in shares of Career Education during the second quarter worth approximately $100,000. PNC Financial Services Group Inc. boosted its position in shares of Career Education by 1.6% during the second quarter. PNC Financial Services Group Inc. now owns 10,520 shares of the company’s stock worth $101,000 after buying an additional 162 shares during the period. SG Americas Securities LLC acquired a new position in shares of Career Education during the third quarter worth approximately $133,000. Crossmark Global Holdings Inc. acquired a new position in shares of Career Education during the third quarter worth approximately $133,000. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Career Education during the second quarter worth approximately $135,000. Institutional investors own 76.45% of the company’s stock.
Separately, BidaskClub downgraded Career Education from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th.
In related news, SVP John Robert Kline sold 2,700 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $12.12, for a total transaction of $32,724.00. Following the sale, the senior vice president now owns 96,718 shares of the company’s stock, valued at $1,172,222.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Andrew Hurst sold 3,889 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $12.81, for a total value of $49,818.09. The disclosure for this sale can be found here. 5.01% of the stock is owned by insiders.
Career Education Corporation (CECO) opened at $12.75 on Monday. The stock has a market capitalization of $880.95, a P/E ratio of 53.13 and a beta of 2.70. Career Education Corporation has a 52-week low of $7.62 and a 52-week high of $13.92.
Career Education (NASDAQ:CECO) last issued its quarterly earnings data on Thursday, November 2nd. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Career Education had a positive return on equity of 4.99% and a negative net margin of 3.35%. The business had revenue of $145.00 million during the quarter, compared to the consensus estimate of $149.10 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The business’s revenue was down 13.5% on a year-over-year basis. research analysts expect that Career Education Corporation will post 0.18 EPS for the current fiscal year.
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Career Education 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.
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