Scholastic Corporation (NASDAQ:SCHL) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Scholastic Corporation (NASDAQ:SCHL) from a buy rating to a hold rating in a research report report published on Wednesday, July 26th.

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) “

Other research analysts have also recently issued reports about the company. BidaskClub cut Scholastic Corporation from a hold rating to a sell rating in a report on Saturday, July 8th. Stifel Nicolaus cut their price target on Scholastic Corporation from $45.00 to $44.00 and set a hold rating for the company in a report on Tuesday, March 28th.

Shares of Scholastic Corporation (SCHL) traded down 0.60% during trading on Wednesday, reaching $39.77. 98,449 shares of the company were exchanged. The stock has a 50-day moving average of $42.27 and a 200 day moving average of $43.63. The stock has a market capitalization of $1.40 billion, a P/E ratio of 26.98 and a beta of 0.74. Scholastic Corporation has a 52-week low of $35.20 and a 52-week 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, beating the Zacks’ 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 business had revenue of $499.60 million during the quarter, compared to analysts’ expectations of $508 million. During the same period in the previous year, the business posted $1.22 earnings per share. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Scholastic Corporation will post $1.21 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.60 annualized dividend and a yield of 1.51%. Scholastic Corporation’s dividend payout ratio is currently 41.96%.

In other Scholastic Corporation news, CEO Richard Robinson sold 67,993 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 4,350,943 shares of the company’s stock, valued at approximately $187,438,624.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Judith Newman sold 5,000 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $45.04, for a total value of $225,200.00. Following the sale, the executive vice president now directly owns 18,894 shares of the company’s stock, valued at $850,985.76. The disclosure for this sale can be found here. Insiders have sold a total of 73,094 shares of company stock valued at $3,159,010 over the last three months. Company insiders own 24.16% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in Scholastic Corporation by 47,605.6% in the first quarter. BlackRock Inc. now owns 3,344,642 shares of the company’s stock valued at $142,381,000 after buying an additional 3,337,631 shares during the last quarter. Norges Bank bought a new position in Scholastic Corporation during the fourth quarter valued at about $19,316,000. Acadian Asset Management LLC raised its position in Scholastic Corporation by 51.3% in the second quarter. Acadian Asset Management LLC now owns 554,380 shares of the company’s stock valued at $24,164,000 after buying an additional 187,938 shares during the last quarter. Alliancebernstein L.P. raised its position in Scholastic Corporation by 5.6% in the second quarter. Alliancebernstein L.P. now owns 2,007,484 shares of the company’s stock valued at $87,506,000 after buying an additional 107,349 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in Scholastic Corporation during the first quarter valued at about $4,240,000. Institutional investors own 79.05% 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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