Scholastic (NASDAQ:SCHL) announced that its board has approved a share repurchase program, which authorizes the company to repurchase $50.00 million in shares on Wednesday, March 21st, EventVestor reports. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
A number of research firms have commented on SCHL. BidaskClub raised shares of Scholastic from a “sell” rating to a “hold” rating in a research report on Sunday, February 11th. Gabelli reaffirmed a “buy” rating on shares of Scholastic in a research report on Friday. TheStreet raised shares of Scholastic from a “c” rating to a “b-” rating in a research report on Thursday, December 14th. Stifel Nicolaus lifted their target price on shares of Scholastic from $38.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, December 13th. Finally, Zacks Investment Research downgraded shares of Scholastic from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.50.
Shares of Scholastic stock opened at $36.58 on Friday. Scholastic has a 1 year low of $33.51 and a 1 year high of $46.59. The stock has a market cap of $1,314.18, a price-to-earnings ratio of -70.35 and a beta of 0.75.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Monday, April 30th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, April 27th. Scholastic’s payout ratio is -115.38%.
In other news, EVP Judith Newman sold 2,500 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $39.36, for a total transaction of $98,400.00. Following the completion of the sale, the executive vice president now owns 17,269 shares of the company’s stock, valued at approximately $679,707.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 22.30% of the company’s stock.
Scholastic Company Profile
Scholastic Corporation, together with its subsidiaries, publishes and distributes children's books worldwide. It operates through three segments: Children's Book Publishing and Distribution, Education, and International. The Children's Book Publishing and Distribution segment engages in the publication and distribution of children's books, e-books, media, and interactive products through its school book clubs and book fairs, and trade channel.
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