Scholastic (NASDAQ:SCHL) Sets New 1-Year High – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

Scholastic Trading Up 2.4%

The firm has a 50 day moving average of $41.16 and a two-hundred day moving average of $36.44. The stock has a market capitalization of $977.63 million, a PE ratio of 18.13 and a beta of 1.02.

Scholastic announced that its board has authorized a stock buyback plan on Friday, March 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 23% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SCHL. AQR Capital Management LLC boosted its position in shares of Scholastic by 160.5% in the 1st quarter. AQR Capital Management LLC now owns 157,436 shares of the company’s stock worth $2,972,000 after buying an additional 96,998 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Scholastic by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,851 shares of the company’s stock valued at $262,000 after acquiring an additional 630 shares in the last quarter. Empowered Funds LLC increased its holdings in Scholastic by 4.2% during the 1st quarter. Empowered Funds LLC now owns 164,178 shares of the company’s stock valued at $3,100,000 after acquiring an additional 6,628 shares in the last quarter. Jane Street Group LLC raised its position in Scholastic by 457.8% during the first quarter. Jane Street Group LLC now owns 81,390 shares of the company’s stock worth $1,537,000 after acquiring an additional 66,798 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Scholastic by 16.8% in the second quarter. Russell Investments Group Ltd. now owns 23,440 shares of the company’s stock valued at $492,000 after purchasing an additional 3,365 shares in the last quarter. 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.