Scholastic (NASDAQ:SCHL) Reaches New 52-Week High – Here’s What Happened

Scholastic Corporation (NASDAQ:SCHL)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $45.29 and last traded at $45.1170, with a volume of 22054 shares. The stock had previously closed at $43.93.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. B. Riley Financial upped their target price on Scholastic from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, March 20th. Zacks Research lowered shares of Scholastic from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings restated a “hold (c+)” rating on shares of Scholastic in a report on Thursday, June 18th. Finally, Wall Street Zen downgraded Scholastic from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $40.00.

Scholastic Price Performance

The stock has a fifty day moving average of $41.29 and a 200 day moving average of $36.51. The firm has a market capitalization of $1.00 billion, a P/E ratio of 18.55 and a beta of 1.02.

Scholastic declared that its Board of Directors has authorized a share buyback program on Friday, March 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 23% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Scholastic

A number of large investors have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC bought a new stake in Scholastic in the first quarter worth about $1,352,000. Empowered Funds LLC increased its stake in shares of Scholastic by 12.3% during the 1st quarter. Empowered Funds LLC now owns 139,779 shares of the company’s stock worth $5,460,000 after purchasing an additional 15,320 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Scholastic in the 1st quarter worth approximately $221,000. Quantinno Capital Management LP raised its holdings in shares of Scholastic by 3.2% in the 1st quarter. Quantinno Capital Management LP now owns 23,186 shares of the company’s stock worth $906,000 after purchasing an additional 729 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in Scholastic in the first quarter valued at approximately $1,164,000. Hedge funds and other institutional investors own 82.57% of the company’s stock.

About Scholastic

Scholastic Corporation (NASDAQ: SCHL) is a global company dedicated to children’s publishing, education technology and distribution services. The company’s core business encompasses three primary segments: Children’s Book Publishing and Distribution, Education Technology, and International operations. Through its publishing arm, Scholastic produces and distributes a wide range of children’s books, novels, nonfiction titles and classroom magazines under well-known imprints such as Scholastic Press, Graphix and Chicken House.