Career Education Corporation (NASDAQ:CECO) shares rose 13.8% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $12.39 and last traded at $11.95. Approximately 628,822 shares changed hands during trading, an increase of 253% from the average daily volume of 178,255 shares. The stock had previously closed at $10.50.

The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. Career Education Corporation had a negative net margin of 3.35% and a positive return on equity of 5.03%. The business had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $149.10 million. During the same quarter last year, the company earned $0.21 EPS. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year.

CECO has been the topic of a number of analyst reports. BidaskClub raised shares of Career Education Corporation from a “strong sell” rating to a “sell” rating in a report on Thursday, August 24th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $13.00 price objective on shares of Career Education Corporation in a report on Friday, July 21st.

In related news, Director Gregory L. Jackson bought 10,000 shares of the stock in a transaction on Monday, August 14th. The shares were purchased at an average price of $8.78 per share, with a total value of $87,800.00. Following the purchase, the director now owns 30,866 shares in the company, valued at $271,003.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.01% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in CECO. UBS Asset Management Americas Inc. increased its stake in Career Education Corporation by 36.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 29,157 shares of the company’s stock valued at $254,000 after buying an additional 7,857 shares during the period. Ameriprise Financial Inc. increased its stake in Career Education Corporation by 4.7% during the 1st quarter. Ameriprise Financial Inc. now owns 336,005 shares of the company’s stock valued at $2,924,000 after buying an additional 15,020 shares during the period. SG Americas Securities LLC acquired a new position in Career Education Corporation during the 1st quarter valued at about $100,000. OppenheimerFunds Inc. increased its stake in Career Education Corporation by 23.9% during the 1st quarter. OppenheimerFunds Inc. now owns 65,669 shares of the company’s stock valued at $571,000 after buying an additional 12,647 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Career Education Corporation by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 503,362 shares of the company’s stock valued at $4,379,000 after buying an additional 18,756 shares during the period. 75.29% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market cap of $741.37 million, a P/E ratio of 44.71 and a beta of 2.66.

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Career Education Corporation 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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