Bank of New York Mellon Corp Raises Stake in Grand Canyon Education, Inc. (LOPE)
Bank of New York Mellon Corp lifted its position in Grand Canyon Education, Inc. (NASDAQ:LOPE) by 3.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 561,009 shares of the company’s stock after purchasing an additional 18,691 shares during the quarter. Bank of New York Mellon Corp owned about 1.19% of Grand Canyon Education worth $43,988,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Alps Advisors Inc. increased its stake in Grand Canyon Education by 0.3% during the second quarter. Alps Advisors Inc. now owns 7,113 shares of the company’s stock worth $558,000 after acquiring an additional 19 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Grand Canyon Education by 1.3% during the second quarter. Teacher Retirement System of Texas now owns 3,619 shares of the company’s stock worth $284,000 after acquiring an additional 48 shares during the last quarter. Granite Investment Partners LLC increased its stake in Grand Canyon Education by 0.4% during the second quarter. Granite Investment Partners LLC now owns 21,645 shares of the company’s stock worth $1,697,000 after acquiring an additional 87 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in Grand Canyon Education by 5.0% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,697 shares of the company’s stock worth $193,000 after acquiring an additional 129 shares during the last quarter. Finally, Wrapmanager Inc. increased its stake in Grand Canyon Education by 3.3% during the second quarter. Wrapmanager Inc. now owns 4,650 shares of the company’s stock worth $365,000 after acquiring an additional 147 shares during the last quarter. 96.57% of the stock is currently owned by institutional investors.
In other Grand Canyon Education news, insider Joseph N. Mildenhall sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $80.17, for a total value of $400,850.00. Following the transaction, the insider now directly owns 88,798 shares of the company’s stock, valued at approximately $7,118,935.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO William Stan Meyer sold 1,315 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $80.35, for a total transaction of $105,660.25. Following the completion of the transaction, the chief operating officer now directly owns 99,774 shares in the company, valued at $8,016,840.90. The disclosure for this sale can be found here. Insiders sold a total of 130,231 shares of company stock worth $10,207,539 over the last three months. Corporate insiders own 3.00% of the company’s stock.
Shares of Grand Canyon Education, Inc. (NASDAQ LOPE) opened at 81.33 on Wednesday. Grand Canyon Education, Inc. has a 52 week low of $39.07 and a 52 week high of $85.94. The company has a market capitalization of $3.84 billion, a PE ratio of 22.45 and a beta of 1.40. The firm’s 50-day moving average price is $78.88 and its 200 day moving average price is $75.07.
Grand Canyon Education (NASDAQ:LOPE) last released its earnings results on Tuesday, August 1st. The company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.15. Grand Canyon Education had a net margin of 18.77% and a return on equity of 21.77%. The business had revenue of $218.30 million for the quarter, compared to analyst estimates of $213.08 million. During the same period last year, the company posted $0.59 EPS. The business’s revenue was up 14.1% on a year-over-year basis. Equities analysts predict that Grand Canyon Education, Inc. will post $3.83 EPS for the current year.
Several equities research analysts have weighed in on LOPE shares. BidaskClub cut Grand Canyon Education from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 27th. ValuEngine raised Grand Canyon Education from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research cut Grand Canyon Education from a “buy” rating to a “hold” rating and set a $91.00 price objective on the stock. in a research note on Wednesday, June 21st. Finally, Barrington Research reissued an “outperform” rating and set a $89.00 price objective (up from $85.00) on shares of Grand Canyon Education in a research note on Tuesday, August 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Grand Canyon Education presently has a consensus rating of “Buy” and a consensus price target of $78.50.
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About Grand Canyon Education
Grand Canyon Education, Inc is engaged in the provision of postsecondary education. The Company is a regionally accredited university. The Company offers the degrees, including Doctor of Education, Doctor of Business Administration, Doctor of Nursing Practice, Doctor of Philosophy, Education Specialist, Master of Divinity, Master of Arts, Master of Education, Master of Business Administration and Master of Public Administration, Master of Public Health, Master of Science, Bachelor of Arts, Bachelor of Science, and a range of programs for its degrees.
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