Zacks Investment Research Downgrades Scholastic Corporation (NASDAQ:SCHL) to Hold
Zacks Investment Research lowered shares of Scholastic Corporation (NASDAQ:SCHL) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
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) “
SCHL has been the topic of several other research reports. Stifel Nicolaus cut their price target on Scholastic Corporation from $45.00 to $44.00 and set a hold rating on the stock in a research note on Tuesday, March 28th. BidaskClub upgraded Scholastic Corporation from a sell rating to a hold rating in a research note on Saturday, June 10th.
Scholastic Corporation (SCHL) opened at 41.43 on Wednesday. The stock has a 50 day moving average price of $43.56 and a 200-day moving average price of $44.02. Scholastic Corporation has a 12-month low of $35.20 and a 12-month high of $49.38. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 28.11 and a beta of 0.75.
Scholastic Corporation (NASDAQ:SCHL) last posted its quarterly earnings results on Thursday, July 20th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.22. The company had revenue of $499.60 million for the quarter, compared to the consensus estimate of $508 million. Scholastic Corporation had a return on equity of 5.10% and a net margin of 3.00%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 EPS. On average, analysts predict that Scholastic Corporation will post $1.21 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a $0.15 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.45%. Scholastic Corporation’s payout ratio is currently 41.96%.
In other Scholastic Corporation news, CEO Richard Robinson sold 67,993 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $43.08, for a total transaction of $2,929,138.44. Following the sale, the chief executive officer now directly owns 4,350,943 shares in the company, valued at approximately $187,438,624.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Judith Newman sold 5,000 shares of the stock in a transaction on Monday, June 12th. The shares were sold at an average price of $45.04, for a total value of $225,200.00. Following the sale, the executive vice president now owns 18,894 shares in the company, valued at $850,985.76. The disclosure for this sale can be found here. Insiders sold a total of 126,239 shares of company stock worth $5,451,685 in the last 90 days. 24.16% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Guggenheim Capital LLC increased its stake in shares of Scholastic Corporation by 220.0% in the fourth quarter. Guggenheim Capital LLC now owns 56,771 shares of the company’s stock valued at $2,696,000 after buying an additional 39,030 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Scholastic Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the company’s stock valued at $468,000 after buying an additional 200 shares in the last quarter. OMERS ADMINISTRATION Corp increased its stake in shares of Scholastic Corporation by 111.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 18,400 shares of the company’s stock valued at $783,000 after buying an additional 9,704 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Scholastic Corporation by 36.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 43,032 shares of the company’s stock valued at $1,832,000 after buying an additional 11,530 shares in the last quarter. Finally, Clinton Group Inc. increased its stake in shares of Scholastic Corporation by 0.5% in the first quarter. Clinton Group Inc. now owns 17,139 shares of the company’s stock valued at $730,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 79.10% of the company’s stock.
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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