Scholastic Corp (NASDAQ:SCHL) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 1,028,100 shares, a decline of 15.2% from the May 15th total of 1,212,600 shares. Currently, 3.4% of the shares of the stock are short sold. Based on an average daily volume of 142,600 shares, the days-to-cover ratio is currently 7.2 days.
In related news, CEO Richard Robinson sold 1,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $40.69, for a total value of $40,690.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 21.79% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. purchased a new position in shares of Scholastic during the 4th quarter valued at approximately $28,000. Investors Research Corp purchased a new position in shares of Scholastic during the 1st quarter valued at approximately $48,000. Assenagon Asset Management S.A. purchased a new position in shares of Scholastic during the 1st quarter valued at approximately $246,000. BNP Paribas Arbitrage SA boosted its stake in shares of Scholastic by 146.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,522 shares of the company’s stock valued at $259,000 after buying an additional 3,875 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Scholastic by 6.6% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 7,055 shares of the company’s stock valued at $281,000 after buying an additional 439 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.
NASDAQ SCHL opened at $33.08 on Friday. The stock has a market cap of $1.16 billion, a PE ratio of 22.35 and a beta of 0.82. Scholastic has a fifty-two week low of $31.38 and a fifty-two week high of $47.94. The business has a 50 day moving average of $33.63.
SCHL has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 15th. Zacks Investment Research raised shares of HENKEL AG & CO/S from a “sell” rating to a “hold” rating in a research report on Thursday, June 6th. Finally, ValuEngine downgraded shares of USD Partners from a “hold” rating to a “sell” rating in a research report on Friday, June 14th. Four equities research analysts have rated the stock with a sell rating and one has issued a hold rating to the company’s stock. The company has a consensus rating of “Sell” and a consensus target price of $44.50.
Scholastic Company Profile
Scholastic Corporation publishes and distributes children's books worldwide. It operates in three segments: Children's Book Publishing and Distribution, Education, and International. The Children's Book Publishing and Distribution segment publishes and distributes children's books, e-books, media, and interactive products through its school book club and school book fair channels, as well as through its trade channel.
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