248,201 Shares in Scholastic Corporation $SCHL Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 248,201 Scholastic shares worth approximately $11.4 million, representing a 1.32% stake. Institutional investors collectively own 82.57% of the company.
• Analyst sentiment is cautious: Scholastic has a consensus rating of “Reduce” and an average price target of $42, with ratings including two Holds and one Sell.
• Insiders sold nearly 295,000 shares worth $11.7 million over the past 90 days. Scholastic’s latest quarterly EPS of $2.19 narrowly beat estimates, but revenue of $476.1 million came in below expectations.

Bank of New York Mellon Corp acquired a new position in Scholastic Corporation (NASDAQ:SCHL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 248,201 shares of the company's stock, valued at approximately $11,417,000. Bank of New York Mellon Corp owned 1.32% of Scholastic as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in 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 purchasing an additional 96,998 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Scholastic by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,851 shares of the company's stock worth $262,000 after acquiring an additional 630 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Scholastic by 4.2% during the first quarter. Empowered Funds LLC now owns 164,178 shares of the company's stock valued at $3,100,000 after buying an additional 6,628 shares during the last quarter. Jane Street Group LLC grew its position in Scholastic by 457.8% in the 1st quarter. Jane Street Group LLC now owns 81,390 shares of the company's stock valued at $1,537,000 after acquiring an additional 66,798 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Scholastic by 16.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 23,440 shares of the company's stock worth $492,000 after buying an additional 3,365 shares during the period. Institutional investors own 82.57% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SCHL. B. Riley Financial lifted their target price on Scholastic from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Zacks Research downgraded shares of Scholastic from a "hold" rating to a "strong sell" rating in a research note on Monday, July 27th. Finally, Weiss Ratings lowered Scholastic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Scholastic has a consensus rating of "Reduce" and an average price target of $42.00.

Insider Buying and Selling

In related news, EVP Iole Lucchese sold 289,624 shares of Scholastic stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $39.76, for a total transaction of $11,515,450.24. Following the completion of the transaction, the executive vice president directly owned 289,623 shares in the company, valued at approximately $11,515,410.48. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kaya Henderson sold 3,250 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $40.25, for a total value of $130,812.50. Following the completion of the transaction, the director directly owned 7,113 shares of the company's stock, valued at $286,298.25. The trade was a 31.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 294,986 shares of company stock valued at $11,731,334 over the last ninety days. Company insiders own 12.77% of the company's stock.

Scholastic Stock Up 0.1%

SCHL stock opened at $38.44 on Wednesday. The company has a market capitalization of $724.98 million, a P/E ratio of 16.43, a price-to-earnings-growth ratio of 1.85 and a beta of 1.01. Scholastic Corporation has a 12 month low of $22.68 and a 12 month high of $48.07. The firm's fifty day simple moving average is $43.17 and its 200-day simple moving average is $40.23. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.23 and a quick ratio of 0.78.

Scholastic (NASDAQ:SCHL - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.03. Scholastic had a net margin of 3.58% and a return on equity of 5.29%. The firm had revenue of $476.10 million during the quarter, compared to analysts' expectations of $517.06 million. During the same quarter last year, the company posted $0.59 earnings per share. As a group, equities research analysts forecast that Scholastic Corporation will post 1.6 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source