Stone Ridge Asset Management LLC Has $783,000 Stake in K12 Inc. (LRN)
Stone Ridge Asset Management LLC increased its stake in shares of K12 Inc. (NYSE:LRN) by 18.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 44,223 shares of the company’s stock after acquiring an additional 6,780 shares during the period. Stone Ridge Asset Management LLC owned 0.11% of K12 worth $783,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC acquired a new stake in shares of K12 in the 3rd quarter valued at $1,022,000. Wells Fargo & Company MN increased its stake in shares of K12 by 3.6% in the 3rd quarter. Wells Fargo & Company MN now owns 78,827 shares of the company’s stock valued at $1,395,000 after buying an additional 2,724 shares during the period. Engineers Gate Manager LP increased its stake in shares of K12 by 65.8% in the 3rd quarter. Engineers Gate Manager LP now owns 26,413 shares of the company’s stock valued at $468,000 after buying an additional 10,484 shares during the period. Victory Capital Management Inc. increased its stake in shares of K12 by 12.1% in the 3rd quarter. Victory Capital Management Inc. now owns 102,565 shares of the company’s stock valued at $1,815,000 after buying an additional 11,100 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of K12 by 15.6% in the 3rd quarter. Acadian Asset Management LLC now owns 1,299,184 shares of the company’s stock valued at $22,995,000 after buying an additional 175,751 shares during the period. 83.69% of the stock is currently owned by institutional investors and hedge funds.
In other K12 news, Chairman Nathaniel A. Davis sold 1,570 shares of the business’s stock in a transaction dated Wednesday, September 26th. The stock was sold at an average price of $18.00, for a total value of $28,260.00. Following the completion of the transaction, the chairman now directly owns 479,979 shares of the company’s stock, valued at $8,639,622. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kevin Chavous sold 7,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $21.99, for a total value of $153,930.00. Following the completion of the transaction, the insider now directly owns 91,440 shares of the company’s stock, valued at $2,010,765.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,661 shares of company stock valued at $1,461,383. 7.00% of the stock is owned by insiders.
K12 (NYSE:LRN) last announced its quarterly earnings data on Tuesday, October 23rd. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.11. K12 had a return on equity of 4.67% and a net margin of 2.91%. The business had revenue of $251.30 million during the quarter, compared to analysts’ expectations of $226.82 million. During the same period in the previous year, the firm earned ($0.21) earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts anticipate that K12 Inc. will post 0.76 earnings per share for the current fiscal year.
Several research firms have recently commented on LRN. Zacks Investment Research raised K12 from a “hold” rating to a “strong-buy” rating and set a $24.00 target price for the company in a research note on Saturday, October 27th. ValuEngine raised K12 from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective (up from $22.00) on shares of K12 in a research note on Wednesday, October 24th. Finally, BMO Capital Markets lifted their price objective on K12 from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 24th. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $23.33.
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K12 Company Profile
K12 Inc, a technology-based education company, together with its subsidiaries, provides online curriculum, software systems, and educational services to facilitate individualized learning for students primarily in kindergarten through 12th grade in the United States and internationally. The company also offers curriculum and technology solutions for full-time virtual and blended programs; full-time virtual programs, semester courses, and supplemental educational products; teacher training, teaching, and other academic and technology support services to public schools, school districts, private schools, charter schools, early childhood learning centers, and corporate partners.
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