Palisade Capital Management LLC NJ Raises Stake in K12 Inc (LRN)
Palisade Capital Management LLC NJ increased its position in K12 Inc (NYSE:LRN) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,196,274 shares of the company’s stock after buying an additional 87,747 shares during the period. Palisade Capital Management LLC NJ owned 2.89% of K12 worth $21,342,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of LRN. UBS Asset Management Americas Inc. acquired a new stake in shares of K12 in the 1st quarter valued at about $255,000. American International Group Inc. grew its stake in shares of K12 by 7.1% in the 1st quarter. American International Group Inc. now owns 20,813 shares of the company’s stock valued at $399,000 after buying an additional 1,373 shares during the period. Principal Financial Group Inc. grew its stake in shares of K12 by 7.3% in the 1st quarter. Principal Financial Group Inc. now owns 428,621 shares of the company’s stock valued at $8,208,000 after buying an additional 28,988 shares during the period. Vanguard Group Inc. boosted its stake in K12 by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 2,737,545 shares of the company’s stock valued at $52,423,000 after purchasing an additional 175,099 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in K12 by 10.1% during the 1st quarter. Geode Capital Management LLC now owns 486,433 shares of the company’s stock valued at $9,314,000 after purchasing an additional 44,501 shares during the last quarter. Institutional investors own 79.06% of the company’s stock.
K12 (NYSE:LRN) last announced its earnings results on Thursday, October 26th. The company reported ($0.21) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.15. K12 had a net margin of 0.70% and a return on equity of 4.16%. The business had revenue of $228.80 million during the quarter, compared to the consensus estimate of $235.15 million. During the same quarter last year, the firm earned ($0.36) earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded K12 from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. BMO Capital Markets reiterated a “buy” rating and set a $21.00 price target on shares of K12 in a research note on Wednesday, October 25th. BidaskClub downgraded K12 from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet downgraded K12 from a “b-” rating to a “c+” rating in a research note on Thursday, August 17th.
In other K12 news, CFO James Jeaho Rhyu sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $18.00, for a total transaction of $180,000.00. Following the completion of the transaction, the chief financial officer now owns 203,408 shares of the company’s stock, valued at $3,661,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 60,000 shares of company stock valued at $1,080,300 in the last ninety days. Insiders own 18.34% of the company’s stock.
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K12 Inc (K12) is a technology-based education company. The Company offers curriculum, software systems and educational services designed to facilitate individualized learning for students in kindergarten through 12th grade (K-12). It provides a continuum of technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools and families.
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