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

Virco Mfg. (NASDAQ:VIRC) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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

Virco Mfg. Stock Down 6.7 %

Virco Mfg. stock traded down $0.89 during trading hours on Tuesday, hitting $12.53. 373,901 shares of the stock traded hands, compared to its average volume of 216,335. Virco Mfg. has a one year low of $8.28 and a one year high of $18.50. The company has a market cap of $204.03 million, a PE ratio of 7.59 and a beta of 0.68. The firm’s 50-day moving average price is $14.93 and its two-hundred day moving average price is $14.89. The company has a current ratio of 2.26, a quick ratio of 1.20 and a debt-to-equity ratio of 0.04.

Virco Mfg. (NASDAQ:VIRC) last posted its quarterly earnings results on Monday, December 9th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a return on equity of 27.88% and a net margin of 9.50%. During the same period in the previous year, the company posted $0.62 earnings per share. On average, research analysts forecast that Virco Mfg. will post 1.93 EPS for the current year.

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 stake 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 buying an additional 1,785 shares during the last quarter. nVerses Capital LLC purchased a new position in Virco Mfg. in the second quarter worth about $36,000. Barclays PLC grew its stake in shares of Virco Mfg. by 25.8% during the 3rd quarter. Barclays PLC now owns 14,445 shares of the company’s stock valued at $200,000 after purchasing an additional 2,961 shares during the period. MetLife Investment Management LLC increased 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 valued at $86,000 after purchasing an additional 3,511 shares during the last quarter. Finally, Ritholtz Wealth Management lifted 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 worth $1,347,000 after purchasing an additional 6,399 shares during the period. 30.97% of the stock is currently owned by hedge funds and other institutional investors.

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.