Scholastic (NASDAQ:SCHL) Shares Gap Up on Earnings Beat

Shares of Scholastic Co. (NASDAQ:SCHL) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $18.80, but opened at $19.98. Scholastic shares last traded at $21.10, with a volume of 188,342 shares changing hands.

The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.73. The business had revenue of $335.40 million for the quarter, compared to analyst estimates of $347.68 million. Scholastic had a negative net margin of 0.27% and a positive return on equity of 1.91%.

Scholastic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Wednesday, April 30th. Scholastic’s dividend payout ratio is presently -444.44%.

Institutional Investors Weigh In On Scholastic

Several institutional investors have recently made changes to their positions in the stock. J. Goldman & Co LP purchased a new stake in shares of Scholastic in the 4th quarter worth about $18,892,000. JPMorgan Chase & Co. increased its position in Scholastic by 248.8% during the 4th quarter. JPMorgan Chase & Co. now owns 293,754 shares of the company’s stock worth $6,266,000 after purchasing an additional 209,524 shares in the last quarter. Azarias Capital Management L.P. increased its position in Scholastic by 71.8% during the 4th quarter. Azarias Capital Management L.P. now owns 467,783 shares of the company’s stock worth $9,978,000 after purchasing an additional 195,507 shares in the last quarter. Invesco Ltd. increased its position in Scholastic by 81.7% during the 4th quarter. Invesco Ltd. now owns 317,975 shares of the company’s stock worth $6,782,000 after purchasing an additional 142,954 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in Scholastic by 24.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 434,357 shares of the company’s stock worth $9,265,000 after purchasing an additional 85,882 shares in the last quarter. 82.57% of the stock is currently owned by hedge funds and other institutional investors.

Scholastic Stock Performance

The stock has a market cap of $596.30 million, a PE ratio of -117.88 and a beta of 1.10. The stock has a fifty day simple moving average of $20.09 and a two-hundred day simple moving average of $24.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.81 and a current ratio of 1.24.

About Scholastic

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.