Perdoceo Education (NASDAQ:PRDO) Sets New 12-Month Low – Here’s What Happened

Perdoceo Education Corporation (NASDAQ:PRDO)’s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $26.41 and last traded at $26.8250, with a volume of 1,092,045 shares trading hands. The stock had previously closed at $29.99.

Analyst Upgrades and Downgrades

PRDO has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Perdoceo Education in a report on Thursday, October 15th. Wall Street Zen raised shares of Perdoceo Education from a “hold” rating to a “buy” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Perdoceo Education Trading Up 1.2%

The firm has a market capitalization of $1.68 billion, a P/E ratio of 9.46, a P/E/G ratio of 0.63 and a beta of 0.76. The company has a 50 day simple moving average of $32.15 and a two-hundred day simple moving average of $33.27.

Perdoceo Education (NASDAQ:PRDO) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. Perdoceo Education had a net margin of 20.62% and a return on equity of 18.93%. The firm had revenue of $215.86 million for the quarter, compared to analysts’ expectations of $211.07 million. During the same quarter last year, the business posted $0.60 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, sell-side analysts expect that Perdoceo Education Corporation will post 3.13 EPS for the current fiscal year.

Perdoceo Education Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 27th will be paid a $0.17 dividend. The ex-dividend date is Friday, November 27th. This represents a $0.68 annualized dividend and a yield of 2.5%. Perdoceo Education’s payout ratio is presently 24.82%.

Insider Buying and Selling at Perdoceo Education

In other news, Chairman Gregory L. Jackson sold 11,271 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $31.78, for a total transaction of $358,192.38. Following the completion of the transaction, the chairman owned 64,949 shares in the company, valued at $2,064,079.22. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Todd S. Nelson sold 46,199 shares of Perdoceo Education stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $32.89, for a total value of $1,519,485.11. Following the completion of the sale, the chief executive officer directly owned 301,782 shares in the company, valued at $9,925,609.98. This trade represents a 13.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Perdoceo Education

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new position in shares of Perdoceo Education during the 2nd quarter valued at approximately $1,009,000. Empowered Funds LLC purchased a new position in shares of Perdoceo Education in the second quarter valued at $2,478,000. Bellars Harris Wealth Management LLC bought a new stake in Perdoceo Education in the second quarter worth $6,816,000. Bank of America Corp DE bought a new stake in Perdoceo Education in the second quarter worth $5,453,000. Finally, Manning & Napier Advisors LLC increased its position in Perdoceo Education by 28.4% in the first quarter. Manning & Napier Advisors LLC now owns 216,066 shares of the company’s stock worth $8,040,000 after purchasing an additional 47,839 shares during the last quarter. Hedge funds and other institutional investors own 93.46% of the company’s stock.

About Perdoceo Education

Perdoceo Education Corporation (NASDAQ: PRDO) is a provider of postsecondary education focused primarily on online learning. Through its institutions, the company offers career-oriented academic programs designed for working adults and other nontraditional students.

Perdoceo’s education brands include American InterContinental University and Colorado Technical University, which offer associate, bachelor’s, master’s and doctoral degree programs in areas such as business, information technology, healthcare, criminal justice and engineering.