Scholastic Stock Is Quiet, But the Buyback Math Is Loud
Scholastic shares traded at $42.75 before the Nasdaq open Wednesday, about 6.9% above the $40 price set in its April tender offer. The company recently spent $113.4 million to buy back 2.83 million shares after raising $401 million from property sales. Fiscal third-quarter revenue fell 2% to $329.1 million, and operating loss widened to $26.9 million.