LSV Asset Management Raises Stake in Virco Manufacturing Corporation $VIRC

LSV Asset Management increased its stake in Virco Manufacturing Corporation (NASDAQ:VIRC) by 13.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,700 shares of the company’s stock after buying an additional 21,300 shares during the period. LSV Asset Management owned 1.15% of Virco Manufacturing worth $1,450,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in VIRC. Geode Capital Management LLC boosted its holdings in shares of Virco Manufacturing by 5.8% in the second quarter. Geode Capital Management LLC now owns 257,034 shares of the company’s stock valued at $2,051,000 after purchasing an additional 14,203 shares during the period. Acadian Asset Management LLC grew its position in shares of Virco Manufacturing by 1.8% during the 2nd quarter. Acadian Asset Management LLC now owns 420,776 shares of the company’s stock worth $3,355,000 after buying an additional 7,504 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Virco Manufacturing by 68.5% during the second quarter. Los Angeles Capital Management LLC now owns 118,449 shares of the company’s stock valued at $945,000 after buying an additional 48,135 shares during the period. Bastion Asset Management Inc. raised its holdings in shares of Virco Manufacturing by 12.6% in the second quarter. Bastion Asset Management Inc. now owns 290,885 shares of the company’s stock valued at $2,321,000 after acquiring an additional 32,656 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its stake in Virco Manufacturing by 2.5% in the second quarter. SummerHaven Investment Management LLC now owns 60,101 shares of the company’s stock worth $480,000 after acquiring an additional 1,464 shares during the period. 30.97% of the stock is owned by hedge funds and other institutional investors.

Virco Manufacturing Price Performance

NASDAQ VIRC opened at $6.88 on Friday. The firm’s fifty day simple moving average is $7.28 and its two-hundred day simple moving average is $7.92. The firm has a market capitalization of $108.44 million, a P/E ratio of 7.91 and a beta of 0.32. The company has a current ratio of 2.96, a quick ratio of 1.38 and a debt-to-equity ratio of 0.03. Virco Manufacturing Corporation has a 12-month low of $6.42 and a 12-month high of $17.31.

Virco Manufacturing (NASDAQ:VIRC) last issued its quarterly earnings data on Friday, September 5th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.14). Virco Manufacturing had a net margin of 5.74% and a return on equity of 12.04%. The business had revenue of $92.09 million for the quarter, compared to analysts’ expectations of $113.80 million. Analysts forecast that Virco Manufacturing Corporation will post 1.54 EPS for the current fiscal year.

Virco Manufacturing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Friday, September 19th were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, September 19th. Virco Manufacturing’s payout ratio is currently 11.49%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Virco Manufacturing to a “hold” rating in a report on Friday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Virco Manufacturing in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.00.

Insider Buying and Selling

In related news, CEO Robert A. Virtue purchased 5,000 shares of the firm’s stock in a transaction on Thursday, October 16th. The stock was acquired at an average price of $6.96 per share, with a total value of $34,800.00. Following the completion of the acquisition, the chief executive officer owned 493,324 shares in the company, valued at approximately $3,433,535.04. This represents a 1.02% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Douglas A. Virtue acquired 13,022 shares of the stock in a transaction dated Friday, October 17th. The shares were bought at an average price of $7.34 per share, with a total value of $95,581.48. Following the completion of the purchase, the executive vice president directly owned 861,839 shares of the company’s stock, valued at approximately $6,325,898.26. This trade represents a 1.53% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 18.13% of the company’s stock.

About Virco Manufacturing

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.