New Oriental Education & Technology Group Inc. (NYSE:EDU) shares dropped 2.3% during mid-day trading on Wednesday . The company traded as low as $41.07 and last traded at $41.59, with a volume of 435,221 shares trading hands. The stock had previously closed at $42.57.

EDU has been the subject of a number of recent research reports. Zacks Investment Research cut New Oriental Education & Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 2nd. JPMorgan Chase & Co. cut New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $36.00 in a research note on Friday, March 18th. Brean Capital reiterated a “buy” rating and set a $49.00 price objective (up previously from $41.00) on shares of New Oriental Education & Technology Group in a research note on Wednesday, April 20th. Morgan Stanley initiated coverage on New Oriental Education & Technology Group in a research note on Thursday, April 14th. They set an “overweight” rating and a $43.00 price objective for the company. Finally, Jefferies Group initiated coverage on New Oriental Education & Technology Group in a research note on Friday. They set a “buy” rating and a $50.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $38.90.

The company has a 50 day moving average of $41.11 and a 200 day moving average of $35.46. The stock has a market capitalization of $6.54 billion and a P/E ratio of 29.96.

New Oriental Education & Technology Group (NYSE:EDU) last announced its quarterly earnings data on Tuesday, April 19th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. The firm earned $346.90 million during the quarter, compared to the consensus estimate of $335.96 million. During the same period last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. On average, equities research analysts forecast that New Oriental Education & Technology Group Inc. will post $1.43 EPS for the current fiscal year.

A number of hedge funds recently made changes to their positions in the stock. Schroder Investment Management Group boosted its stake in shares of New Oriental Education & Technology Group by 69.0% in the fourth quarter. Schroder Investment Management Group now owns 4,379,953 shares of the company’s stock valued at $137,399,000 after buying an additional 1,788,518 shares during the period. Boston Partners boosted its stake in shares of New Oriental Education & Technology Group by 5.8% in the fourth quarter. Boston Partners now owns 2,753,245 shares of the company’s stock valued at $86,369,000 after buying an additional 151,546 shares during the period. Russell Frank Co boosted its stake in shares of New Oriental Education & Technology Group by 298.4% in the fourth quarter. Russell Frank Co now owns 684,228 shares of the company’s stock valued at $21,619,000 after buying an additional 512,503 shares during the period. California Public Employees Retirement System boosted its stake in shares of New Oriental Education & Technology Group by 19.4% in the fourth quarter. California Public Employees Retirement System now owns 400,800 shares of the company’s stock valued at $12,573,000 after buying an additional 65,100 shares during the period. Finally, Morgan Stanley boosted its stake in shares of New Oriental Education & Technology Group by 63.8% in the fourth quarter. Morgan Stanley now owns 282,997 shares of the company’s stock valued at $8,878,000 after buying an additional 110,265 shares during the period.

New Oriental Education & Technology Group Inc is a provider of private educational services in the People’s Republic of China (the PRC). The Company offers a range of educational programs, services and products, consisting primarily of English and other foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education.

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