Virco Manufacturing Corporation (NASDAQ:VIRC) to Issue $0.03 Quarterly Dividend

Virco Manufacturing Corporation (NASDAQ:VIRC) announced a quarterly dividend on Tuesday, June 3rd, Wall Street Journal reports. Stockholders of record on Friday, June 20th will be paid a dividend of 0.025 per share on Friday, July 11th. This represents a $0.10 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, June 20th.

Virco Manufacturing has a dividend payout ratio of 11.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Virco Manufacturing to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 7.6%.

Virco Manufacturing Stock Up 3.3%

Shares of VIRC opened at $8.15 on Wednesday. The stock has a market capitalization of $128.28 million, a price-to-earnings ratio of 6.47 and a beta of 0.34. Virco Manufacturing has a 1 year low of $7.79 and a 1 year high of $18.50. The business’s 50 day simple moving average is $8.85 and its 200-day simple moving average is $10.10. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 0.65.

Virco Manufacturing (NASDAQ:VIRC) last issued its quarterly earnings data on Friday, June 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.12. The business had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $41.10 million. Virco Manufacturing had a return on equity of 17.61% and a net margin of 7.99%. During the same period in the prior year, the firm earned $0.13 EPS. As a group, equities analysts expect that Virco Manufacturing will post 1.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Virco Manufacturing from a “buy” rating to a “hold” rating in a report on Tuesday, April 22nd.

Institutional Trading of Virco Manufacturing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. purchased a new stake in Virco Manufacturing during the 1st quarter valued at $186,000. Empowered Funds LLC purchased a new stake in Virco Manufacturing during the 1st quarter valued at $258,000. Goldman Sachs Group Inc. raised its holdings in Virco Manufacturing by 9.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock valued at $594,000 after buying an additional 5,436 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Virco Manufacturing by 25.7% during the 1st quarter. AQR Capital Management LLC now owns 317,915 shares of the company’s stock valued at $3,007,000 after buying an additional 64,944 shares during the period. Hedge funds and other institutional investors own 30.97% of the company’s stock.

Virco Manufacturing 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.