Zacks Investment Research upgraded shares of Scholastic Corp (NASDAQ:SCHL) from a hold rating to a buy rating in a research note published on Thursday morning. The brokerage currently has $51.00 target price 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) “
Shares of Scholastic Corp (NASDAQ:SCHL) traded up 2.30% during trading on Thursday, reaching $44.00. The company had a trading volume of 139,254 shares. The company has a market capitalization of $1.53 billion, a PE ratio of 33.16 and a beta of 0.98. The stock’s 50-day moving average price is $43.66 and its 200-day moving average price is $43.86. Scholastic Corp has a 52 week low of $35.20 and a 52 week high of $49.38.
Scholastic Corp (NASDAQ:SCHL) last announced its quarterly earnings results on Thursday, March 23rd. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by $0.11. The company earned $336.20 million during the quarter, compared to analyst estimates of $368 million. Scholastic Corp had a net margin of 2.98% and a return on equity of 5.71%. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) EPS. On average, equities analysts expect that Scholastic Corp will post $1.68 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, April 28th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, April 26th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.36%. Scholastic Corp’s dividend payout ratio (DPR) is presently 40.54%.
In related news, EVP Judith Newman sold 2,008 shares of Scholastic Corp stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $42.11, for a total transaction of $84,556.88. Following the sale, the executive vice president now owns 22,150 shares of the company’s stock, valued at approximately $932,736.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Boyko sold 10,000 shares of Scholastic Corp stock in a transaction on Tuesday, April 11th. The stock was sold at an average price of $42.91, for a total transaction of $429,100.00. Following the sale, the insider now directly owns 38,204 shares in the company, valued at approximately $1,639,333.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,397 shares of company stock worth $1,717,593. 24.16% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in SCHL. Norges Bank purchased a new stake in Scholastic Corp during the fourth quarter valued at about $19,316,000. Peregrine Capital Management LLC purchased a new stake in Scholastic Corp during the third quarter valued at about $8,153,000. BlackRock Fund Advisors increased its stake in Scholastic Corp by 9.1% in the third quarter. BlackRock Fund Advisors now owns 1,920,962 shares of the company’s stock valued at $75,609,000 after buying an additional 160,495 shares during the period. State Street Corp increased its stake in Scholastic Corp by 15.6% in the fourth quarter. State Street Corp now owns 654,891 shares of the company’s stock valued at $31,102,000 after buying an additional 88,492 shares during the period. Finally, Russell Investments Group Ltd. purchased a new stake in Scholastic Corp during the fourth quarter valued at about $3,540,000. 80.34% of the stock is currently owned by hedge funds and other institutional investors.
About Scholastic Corp
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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