Bank of America Corp DE Sells 55,932 Shares of Scholastic Corporation $SCHL

Key Points

• Bank of America reduced its Scholastic stake by 62.3%, selling 55,932 shares and retaining 33,915 shares worth approximately $1.325 million. Institutional investors collectively own 82.57% of SCHL.
• Scholastic insiders sold 294,986 shares valued at $11.73 million over the past quarter, while company insiders retain a 12.77% ownership stake.
• Scholastic exceeded quarterly EPS estimates with $2.19 versus $2.16 expected, but revenue of $476.1 million fell short of the $517.06 million consensus. Analysts maintain a consensus “Reduce” rating with a $42 target price.

Bank of America Corp DE cut its stake in shares of Scholastic Corporation (NASDAQ:SCHL - Free Report) by 62.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,915 shares of the company's stock after selling 55,932 shares during the period. Bank of America Corp DE owned 0.16% of Scholastic worth $1,325,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Scholastic by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 1,593,981 shares of the company's stock worth $47,230,000 after acquiring an additional 59,017 shares during the period. Alliancebernstein L.P. raised its position in shares of Scholastic by 879.3% in the third quarter. Alliancebernstein L.P. now owns 1,159,261 shares of the company's stock worth $31,741,000 after buying an additional 1,040,880 shares in the last quarter. J. Goldman & Co LP raised its position in shares of Scholastic by 4.1% in the fourth quarter. J. Goldman & Co LP now owns 797,878 shares of the company's stock worth $23,641,000 after buying an additional 31,427 shares in the last quarter. Bragg Financial Advisors Inc boosted its stake in Scholastic by 13.0% during the fourth quarter. Bragg Financial Advisors Inc now owns 668,904 shares of the company's stock valued at $19,820,000 after buying an additional 76,801 shares during the period. Finally, Invesco Ltd. boosted its stake in Scholastic by 57.2% during the fourth quarter. Invesco Ltd. now owns 424,973 shares of the company's stock valued at $12,592,000 after buying an additional 154,668 shares during the period. 82.57% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Scholastic news, Director Andres A. Alonso sold 2,112 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $40.28, for a total value of $85,071.36. Following the transaction, the director directly owned 21,189 shares in the company, valued at $853,492.92. This represents a 9.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kaya Henderson sold 3,250 shares of the firm's stock in a transaction 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 transaction, the director owned 7,113 shares in the company, valued at approximately $286,298.25. This represents a 31.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 294,986 shares of company stock worth $11,731,334 over the last quarter. Company insiders own 12.77% of the company's stock.

Scholastic Price Performance

NASDAQ SCHL opened at $35.66 on Friday. The business's fifty day moving average is $42.77 and its 200 day moving average is $40.27. Scholastic Corporation has a fifty-two week low of $22.68 and a fifty-two week high of $48.07. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 1.23. The company has a market capitalization of $672.55 million, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.84 and a beta of 1.01.

Scholastic (NASDAQ:SCHL - Get Free Report) last released 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. The firm had revenue of $476.10 million during the quarter, compared to analysts' expectations of $517.06 million. Scholastic had a return on equity of 5.29% and a net margin of 3.58%.During the same quarter last year, the business posted $0.59 earnings per share. Sell-side analysts predict that Scholastic Corporation will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on SCHL shares. B. Riley Financial lifted their target price on shares of 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 Scholastic from a "hold" rating to a "strong sell" rating in a research report 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 investment 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, the company currently has a consensus rating of "Reduce" and a consensus target price of $42.00.

Scholastic 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.

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