Virco Mfg. (NASDAQ:VIRC) Upgraded at StockNews.com

StockNews.com upgraded shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a buy rating in a research report report published on Monday.

Virco Mfg. Stock Performance

NASDAQ VIRC opened at $10.26 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 market cap of $167.13 million, a price-to-earnings ratio of 6.62 and a beta of 0.41. Virco Mfg. has a fifty-two week low of $8.52 and a fifty-two week high of $18.50. The business has a fifty day moving average of $10.15 and a 200-day moving average of $11.99.

Virco Mfg. (NASDAQ:VIRC) last released its earnings results on Monday, April 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.20). The firm had revenue of $28.47 million during the quarter, compared to analysts’ expectations of $43.00 million. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. As a group, analysts predict that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th were paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date was Wednesday, March 26th. Virco Mfg.’s dividend payout ratio is presently 7.46%.

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

Hedge Funds Weigh In On Virco Mfg.

Several large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc acquired a new position in shares of Virco Mfg. during the 4th quarter valued at about $30,000. Quantbot Technologies LP acquired a new position in Virco Mfg. during the fourth quarter worth approximately $70,000. Meeder Asset Management Inc. acquired a new position in Virco Mfg. during the fourth quarter worth approximately $72,000. Quarry LP raised its stake in Virco Mfg. by 810.2% during the fourth quarter. Quarry LP now owns 8,802 shares of the company’s stock worth $90,000 after purchasing an additional 7,835 shares during the period. Finally, Graham Capital Management L.P. acquired a new position in shares of Virco Mfg. in the 4th quarter valued at $107,000. 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.