Virco Mfg. (NASDAQ:VIRC) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a sell rating in a research note published on Friday morning, Zacks.com reports.

According to Zacks, “Virco Mfg. Corporation designs, produces, and distributes quality furniture for the contract and education markets worldwide. Examples of facilities served by Virco include public and private schools, colleges and universities, convention centers, federal and state institutions, churches and other businesses. They also sell to wholesalers, distributors, retailers and catalog retailers. In order to divide the workload into manageable amounts, Virco has divided the sales force into two groups: Education and Commercial. “

Shares of NASDAQ:VIRC opened at $4.10 on Friday. Virco Mfg. has a one year low of $3.70 and a one year high of $5.35. The firm’s fifty day moving average is $4.34. The firm has a market cap of $63.72 million, a P/E ratio of -41.00 and a beta of 0.76. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.48 and a quick ratio of 0.29.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings data on Friday, June 14th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.06). The company had revenue of $26.89 million for the quarter, compared to analyst estimates of $23.20 million. Virco Mfg. had a negative net margin of 0.54% and a negative return on equity of 1.90%. As a group, research analysts expect that Virco Mfg. will post 0.03 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Virco Mfg. stock. Wedbush Securities Inc. grew its holdings in Virco Mfg. Co. (NASDAQ:VIRC) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,728,938 shares of the company’s stock after purchasing an additional 10,602 shares during the period. Virco Mfg. makes up 0.8% of Wedbush Securities Inc.’s portfolio, making the stock its 18th biggest position. Wedbush Securities Inc. owned about 11.12% of Virco Mfg. worth $7,486,000 at the end of the most recent quarter. Institutional investors own 31.29% of the company’s stock.

About Virco Mfg.

Virco Mfg. Corporation engages in the design, production, and distribution of furniture for the commercial and education markets in the United States. It offers seating products, including 4-leg chairs, cantilever and tablet arm chairs, work surfaces and compact footprints, steel-frame rockers, stools, task and classroom chairs, stack and folding chairs, hard plastic seats, upholstered stack and ergonomic chairs, and plastic stack chairs.

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