Scholastic (NASDAQ:SCHL) Sets New 1-Year High – Here’s What Happened

Scholastic Corporation (NASDAQ:SCHL) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $48.07 and last traded at $47.34, with a volume of 288610 shares trading hands. The stock had previously closed at $46.00.

Wall Street Analysts Forecast Growth

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

Scholastic Trading Up 2.9%

The stock’s 50-day simple moving average is $41.69 and its 200-day simple moving average is $36.95. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 19.09 and a beta of 1.02.

Scholastic announced that its Board of Directors has authorized a share buyback plan on Friday, March 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 23% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SCHL. Segall Bryant & Hamill LLC acquired a new position in Scholastic during the 1st quarter worth approximately $1,352,000. Empowered Funds LLC boosted its holdings in Scholastic by 12.3% in the first quarter. Empowered Funds LLC now owns 139,779 shares of the company’s stock valued at $5,460,000 after acquiring an additional 15,320 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Scholastic during the first quarter worth $221,000. Quantinno Capital Management LP grew its holdings in Scholastic by 3.2% during the 1st quarter. Quantinno Capital Management LP now owns 23,186 shares of the company’s stock worth $906,000 after acquiring an additional 729 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new stake in Scholastic during the first quarter worth approximately $1,164,000. Institutional investors and hedge funds own 82.57% of the company’s stock.

Scholastic Company Profile

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.