Bank of New York Mellon Corp lowered its stake in Scholastic Corp (NASDAQ:SCHL) by 4.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 849,541 shares of the company’s stock after selling 40,496 shares during the period. Bank of New York Mellon Corp owned 2.45% of Scholastic worth $37,643,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of SCHL. Ceredex Value Advisors LLC acquired a new stake in shares of Scholastic in the first quarter valued at approximately $14,816,000. Acadian Asset Management LLC grew its holdings in Scholastic by 23.6% during the 2nd quarter. Acadian Asset Management LLC now owns 444,644 shares of the company’s stock worth $19,703,000 after acquiring an additional 85,004 shares during the period. JPMorgan Chase & Co. grew its holdings in Scholastic by 46.1% during the 1st quarter. JPMorgan Chase & Co. now owns 173,618 shares of the company’s stock worth $6,744,000 after acquiring an additional 54,778 shares during the period. BlackRock Inc. grew its holdings in Scholastic by 1.1% during the 1st quarter. BlackRock Inc. now owns 3,625,270 shares of the company’s stock worth $140,806,000 after acquiring an additional 39,904 shares during the period. Finally, Neuberger Berman Group LLC grew its holdings in Scholastic by 6.3% during the 1st quarter. Neuberger Berman Group LLC now owns 607,521 shares of the company’s stock worth $23,596,000 after acquiring an additional 35,915 shares during the period. 81.85% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on the stock. BidaskClub raised shares of Scholastic from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Stifel Nicolaus reaffirmed a “hold” rating and set a $43.00 target price (up previously from $40.00) on shares of Scholastic in a report on Monday, July 16th. UBS Group reaffirmed a “sell” rating on shares of Scholastic in a report on Tuesday, August 21st. Zacks Investment Research raised shares of Scholastic from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a report on Thursday, July 19th. Finally, ValuEngine lowered shares of Scholastic from a “buy” rating to a “hold” rating in a report on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $48.50.
In other news, EVP Judith Newman sold 28,177 shares of Scholastic stock in a transaction on Friday, August 17th. The shares were sold at an average price of $41.31, for a total transaction of $1,163,991.87. Following the transaction, the executive vice president now directly owns 19,157 shares of the company’s stock, valued at $791,375.67. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 47,194 shares of company stock worth $1,953,703. Insiders own 22.30% of the company’s stock.
SCHL opened at $42.48 on Friday. Scholastic Corp has a 52 week low of $33.51 and a 52 week high of $47.76. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 29.71 and a beta of 0.67.
Scholastic (NASDAQ:SCHL) last released its earnings results on Thursday, July 19th. The company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.08. The firm had revenue of $496.20 million during the quarter, compared to analyst estimates of $527.20 million. Scholastic had a negative net margin of 0.31% and a positive return on equity of 3.97%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.31 EPS. equities analysts forecast that Scholastic Corp will post 1.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.41%. Scholastic’s dividend payout ratio is 41.96%.
Scholastic Company Profile
Scholastic Corporation publishes and distributes children's books worldwide. It operates in three segments: Children's Book Publishing and Distribution, Education, and International. The Children's Book Publishing and Distribution segment publishes and distributes children's books, e-books, media, and interactive products through its school book club and school book fair channels, as well as through its trade channel.
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