7,872 Shares in Scholastic Co. (NASDAQ:SCHL) Purchased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC bought a new stake in Scholastic Co. (NASDAQ:SCHL) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,872 shares of the company’s stock, valued at approximately $279,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in Scholastic by 13.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,776 shares of the company’s stock worth $218,000 after acquiring an additional 697 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Scholastic by 11.4% in the first quarter. Bessemer Group Inc. now owns 7,455 shares of the company’s stock valued at $281,000 after purchasing an additional 762 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Scholastic by 11.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,356 shares of the company’s stock valued at $579,000 after purchasing an additional 1,612 shares during the last quarter. Innealta Capital LLC purchased a new position in Scholastic during the second quarter worth about $64,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Scholastic by 6.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 32,814 shares of the company’s stock worth $1,237,000 after buying an additional 2,083 shares during the last quarter. 82.57% of the stock is currently owned by hedge funds and other institutional investors.

Scholastic Stock Down 3.3 %

NASDAQ:SCHL opened at $30.28 on Wednesday. The company has a market cap of $866.01 million, a P/E ratio of 20.88 and a beta of 1.03. The firm’s 50 day moving average is $31.13 and its two-hundred day moving average is $34.34. Scholastic Co. has a fifty-two week low of $28.47 and a fifty-two week high of $41.79.

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

Scholastic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Thursday, October 31st. Scholastic’s payout ratio is currently 55.17%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

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

Scholastic Company Profile

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.