Pinebridge Investments L.P. cut its position in Career Education Corp. (NASDAQ:CECO) by 13.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,840 shares of the company’s stock after selling 11,615 shares during the period. Pinebridge Investments L.P. owned 0.11% of Career Education worth $777,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Bayesian Capital Management LP acquired a new position in Career Education in the second quarter valued at about $100,000. PNC Financial Services Group Inc. boosted its position in Career Education by 1.6% in the second quarter. PNC Financial Services Group Inc. now owns 10,520 shares of the company’s stock valued at $101,000 after buying an additional 162 shares in the last quarter. SG Americas Securities LLC acquired a new position in Career Education in the third quarter valued at about $133,000. Crossmark Global Holdings Inc. acquired a new position in Career Education in the third quarter valued at about $133,000. Finally, Piedmont Investment Advisors LLC acquired a new position in Career Education in the second quarter valued at about $135,000. Hedge funds and other institutional investors own 76.41% of the company’s stock.
In other news, SVP John Robert Kline sold 2,700 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $12.12, for a total transaction of $32,724.00. Following the transaction, the senior vice president now directly owns 96,718 shares in the company, valued at $1,172,222.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrew Hurst sold 3,889 shares of the company’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 transaction of $49,818.09. The disclosure for this sale can be found here. 5.01% of the stock is currently owned by corporate insiders.
Separately, BidaskClub lowered shares of Career Education from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th.
Shares of Career Education Corp. (NASDAQ:CECO) traded up $0.43 during mid-day trading on Tuesday, hitting $12.51. 340,600 shares of the stock were exchanged, compared to its average volume of 320,200. Career Education Corp. has a 12 month low of $7.62 and a 12 month high of $13.92. The firm has a market capitalization of $834.65, a price-to-earnings ratio of -40.35 and a beta of 2.72.
Career Education (NASDAQ:CECO) last announced its earnings results on Thursday, November 2nd. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. Career Education had a negative net margin of 3.35% and a positive return on equity of 4.99%. The company had revenue of $145.00 million for the quarter, compared to analyst estimates of $149.10 million. During the same period in the prior year, the business earned $0.21 earnings per share. Career Education’s quarterly revenue was down 13.5% on a year-over-year basis.
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Career Education 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.
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