Zacks Investment Research upgraded shares of Scholastic Corporation (NASDAQ:SCHL) from a hold rating to a buy rating in a research report report published on Friday, July 21st. Zacks Investment Research currently has $50.00 price target on the stock.
According to Zacks, “Scholastic Corp. creates and distributes innovative and quality educational materials for use in school - children’s books, textbooks, magazines, technology and teacher materials and engaging and appropriate products for use at home - magazines, software, television programming, videos and toys. Scholastic is unique in its understanding of what kids want and need to read and learn. The company is a world leader in children’s school book clubs and school book fairs, through which children purchase books and software. (PRESS RELEASE) “
Several other research analysts have also recently issued reports on SCHL. BidaskClub raised Scholastic Corporation from a sell rating to a hold rating in a research note on Wednesday, July 19th. Stifel Nicolaus decreased their price target on Scholastic Corporation from $45.00 to $44.00 and set a hold rating for the company in a research note on Tuesday, March 28th.
Scholastic Corporation (SCHL) traded down 0.08% during midday trading on Friday, reaching $38.64. The company’s stock had a trading volume of 232,947 shares. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 26.21 and a beta of 0.74. The company’s 50-day moving average price is $41.55 and its 200-day moving average price is $43.39. Scholastic Corporation has a 1-year low of $35.20 and a 1-year high of $49.38.
Scholastic Corporation (NASDAQ:SCHL) last released its quarterly earnings results on Thursday, July 20th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.22. Scholastic Corporation had a return on equity of 5.10% and a net margin of 3.00%. The company had revenue of $499.60 million during the quarter, compared to analysts’ expectations of $508 million. During the same quarter in the prior year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, analysts predict that Scholastic Corporation will post $1.21 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.55%. Scholastic Corporation’s payout ratio is 41.96%.
In related news, EVP Judith Newman sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $45.04, for a total transaction of $225,200.00. Following the completion of the transaction, the executive vice president now owns 18,894 shares of the company’s stock, valued at $850,985.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Robinson sold 67,993 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $43.08, for a total value of $2,929,138.44. Following the transaction, the chief executive officer now directly owns 4,350,943 shares of the company’s stock, valued at approximately $187,438,624.44. The disclosure for this sale can be found here. Insiders have sold 73,094 shares of company stock valued at $3,159,010 in the last ninety days. Company insiders own 22.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. boosted its position in shares of Scholastic Corporation by 69.6% in the first quarter. Sei Investments Co. now owns 2,454 shares of the company’s stock valued at $105,000 after buying an additional 1,007 shares in the last quarter. Federated Investors Inc. PA bought a new stake in shares of Scholastic Corporation during the second quarter valued at approximately $111,000. Quantbot Technologies LP bought a new stake in shares of Scholastic Corporation during the first quarter valued at approximately $110,000. State of Alaska Department of Revenue increased its stake in shares of Scholastic Corporation by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 2,970 shares of the company’s stock valued at $126,000 after buying an additional 70 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Scholastic Corporation by 5.3% in the second quarter. Public Employees Retirement System of Ohio now owns 3,818 shares of the company’s stock valued at $166,000 after buying an additional 193 shares in the last quarter. 79.29% of the stock is owned by institutional investors and hedge funds.
About Scholastic Corporation
Scholastic Corporation is a publisher and distributor of children’s books, a provider of print and digital instructional materials for pre-kindergarten (pre-K) to grade 12, and a producer of educational and entertaining children’s media. The Company operates through three segments: Children’s Book Publishing and Distribution, Education and International.
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