Virco Mfg. (NASDAQ:VIRC) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a research note published on Friday morning.

Separately, Wedbush restated an “outperform” rating and set a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th.

Virco Mfg. Trading Down 2.0 %

Shares of NASDAQ VIRC opened at $10.05 on Friday. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. Virco Mfg. has a one year low of $8.75 and a one year high of $18.50. The business has a 50-day moving average price of $12.74 and a two-hundred day moving average price of $14.19. The firm has a market capitalization of $163.70 million, a PE ratio of 6.48 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings results on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same period last year, the business earned $0.62 EPS. As a group, analysts predict that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 20th were issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, December 20th. Virco Mfg.’s payout ratio is 6.45%.

Institutional Investors Weigh In On Virco Mfg.

A number of hedge funds have recently added to or reduced their stakes in VIRC. Algert Global LLC boosted its position in shares of Virco Mfg. by 17.2% in the 2nd quarter. Algert Global LLC now owns 12,158 shares of the company’s stock worth $169,000 after purchasing an additional 1,785 shares during the last quarter. Barclays PLC boosted its holdings in Virco Mfg. by 25.8% during the third quarter. Barclays PLC now owns 14,445 shares of the company’s stock worth $200,000 after buying an additional 2,961 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of Virco Mfg. by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock worth $86,000 after buying an additional 3,511 shares during the period. Ritholtz Wealth Management increased its stake in shares of Virco Mfg. by 7.0% in the 3rd quarter. Ritholtz Wealth Management now owns 97,527 shares of the company’s stock valued at $1,347,000 after acquiring an additional 6,399 shares during the last quarter. Finally, Inspire Investing LLC raised its position in shares of Virco Mfg. by 12.5% in the 3rd quarter. Inspire Investing LLC now owns 58,300 shares of the company’s stock valued at $805,000 after acquiring an additional 6,481 shares during the period. Institutional investors own 30.97% of the company’s stock.

Virco Mfg. Company Profile

Virco Mfg. Corporation engages in the design, production, and distribution of furniture in the United States and Canada. The company offers seating products, including 4-leg chairs, cantilever chairs, mobile task chairs and lab stools, tablet armchairs, steel-frame and floor rockers, series stools, hard plastic seating, folding and upholstered stack chairs, and plastic stack and upholstered ergonomic chairs.