Scholastic (NASDAQ:SCHL) Shares Gap Up to $30.18

Scholastic Co. (NASDAQ:SCHL)’s share price gapped up prior to trading on Friday . The stock had previously closed at $30.18, but opened at $32.81. Scholastic shares last traded at $32.76, with a volume of 77,497 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Scholastic from a “hold” rating to a “buy” rating in a research note on Tuesday, August 27th.

Scholastic Price Performance

The company has a market capitalization of $942.37 million, a P/E ratio of 22.59 and a beta of 1.03. The company has a fifty day moving average price of $30.83 and a 200 day moving average price of $34.28.

Scholastic (NASDAQ:SCHL) last posted its earnings results on Thursday, July 18th. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.93). Scholastic had a net margin of 0.76% and a return on equity of 3.34%. The firm had revenue of $474.90 million for the quarter, compared to analyst estimates of $552.50 million. On average, equities research analysts predict that Scholastic Co. will post 1.52 earnings per share for the current fiscal year.

Scholastic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, October 31st will be given a $0.20 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.80 dividend on an annualized basis and a yield of 2.43%. Scholastic’s dividend payout ratio is presently 55.17%.

Insider Activity

In other Scholastic news, EVP Iole Lucchese acquired 1,654 shares of Scholastic stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price of $30.49 per share, for a total transaction of $50,430.46. Following the transaction, the executive vice president now owns 74,264 shares in the company, valued at approximately $2,264,309.36. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Warwick Peter bought 1,674 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $30.46 per share, with a total value of $50,990.04. Following the purchase, the chief executive officer now directly owns 104,349 shares in the company, valued at $3,178,470.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Iole Lucchese bought 1,654 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average cost of $30.49 per share, with a total value of $50,430.46. Following the transaction, the executive vice president now owns 74,264 shares of the company’s stock, valued at $2,264,309.36. The disclosure for this purchase can be found here. Insiders own 18.62% of the company’s stock.

Institutional Investors Weigh In On Scholastic

Several hedge funds have recently bought and sold shares of the business. nVerses Capital LLC acquired a new position in shares of Scholastic in the 2nd quarter valued at about $35,000. Innealta Capital LLC purchased a new position in Scholastic during the second quarter valued at approximately $64,000. EntryPoint Capital LLC acquired a new position in Scholastic in the 1st quarter valued at approximately $129,000. Quent Capital LLC purchased a new stake in Scholastic in the 1st quarter worth approximately $215,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Scholastic by 13.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,776 shares of the company’s stock valued at $218,000 after buying an additional 697 shares during the period. 82.57% of the stock is owned by hedge funds and other institutional investors.

About Scholastic

Scholastic Corporation publishes and distributes children’s books worldwide. It operates in three segments: Children’s Book Publishing and Distribution, Education Solutions, and International. The Children’s Book Publishing and Distribution segment engages in publication and distribution of children’s print, digital, and audio books, as well as media and interactive products through its school reading events and trade channel; and operation of school-based book clubs and book fairs in the United States.