Tiger Global Management, run by Chase Coleman, has been reducing its exposure to TAL Education Group (ADR) (NYSE:XRS). In a recent filing with the Securities and Exchange Commission, Tiger Global reported cutting it’s stake in TAL Education by 24%, from 8.3 million to 6.3 million shares. The new position is equivalent to 9.2% of TAL’s common stock.
Brian Taylor‘s Pine River Capital Management is in the same boat with Tiger Global. Pine River has reduced its holding of TAL shares by more than 50%, currently holding 24,000 shares with a reported value of $348,000. Robert Karr‘s Joho Capital is also heavily invested in the TAL Education Group. In the latest 13F filing the fund reported ownership of 2.7 million shares valued at a little under $40 million. The fund has not made any changes to their position during the third quarter of 2013. A hedge fund that is actually bullish on this stock is Renaissance Technologies managed by Jim Simons. They have increased their stake in the TAL Education Group by 29% and have reported in the latest 13F filing the ownership of 337K shares worth $4.8 million.
The TAL Education Group’s stock has been in an uptrend sine May of this year, rising by 121%. Shares are currently trading at a price of $19.81 and have a trailing Price to Earnings (P/E) ratio of 35.42. The stock has a beta of 0.99 and pays a dividend of $0.5 per share, which represents a yield of 2.5%. On October 22, TAL announced the financial results for the second quarter ended August 31, 2013. Net income registered a year-over-year increase by 35.1% to $92 million. The company also posted earnings per diluted share of $0.29. The stock is highly regarded by market analysts, who are recommending it mainly as a Buy and Strong Buy.