Virco Mfg. (NASDAQ:VIRC) Announces Earnings Results

Virco Mfg. (NASDAQ:VIRC) issued its quarterly earnings data on Monday. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.20), Zacks reports. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%.

Virco Mfg. Stock Performance

Shares of VIRC stock opened at $9.11 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average of $10.22 and a 200 day moving average of $12.04. The firm has a market capitalization of $148.39 million, a price-to-earnings ratio of 5.87 and a beta of 0.41. Virco Mfg. has a 52 week low of $8.52 and a 52 week high of $18.50.

Virco Mfg. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th were given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Wednesday, March 26th. Virco Mfg.’s payout ratio is 6.45%.

Virco Mfg. declared that its Board of Directors has approved a share repurchase plan on Tuesday, January 21st that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Virco Mfg. from a “buy” rating to a “hold” rating in a report on Sunday, April 6th.

About Virco Mfg.

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.