ITT Educational Services, Inc. ESI shares rose more than 17 percent Tuesday after BlackRock Inc. revealed a 5.4 percent passive stake in the for-profit higher education company.
About half of ITT Educational shares outstanding were held as short interest as of January 15.
The company's shares changed hands recently at $8.27, up 17.4 percent. The stock is off more than 70 percent in the past 12 months on concern over regulation of federally subsidized student loans.
On Monday, BlackRock disclosed ownership of about 1.26 million shares acquired as a passive investment in a Rule 13d-1(b) filing.
As of November 15, 2014, BlackRock held a 7.6 percent stake, according to ITT's latest proxy statement.
The company, which received a so-called Wells Notice from the Securities and Exchange Commission in September, last posted results in October and hasn't set a date for its fourth-quarter earnings release.
In the year-earlier quarter ended December 31, the company posted a loss, excluding items, of $1.68 a share, on revenue of $263 million.
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