Virco Manufacturing (NASDAQ:VIRC) Stock Breaks Above 200 Day Moving Average – What’s Next?

Virco Manufacturing Corporation (NASDAQ:VIRC)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $6.12 and traded as high as $6.58. Virco Manufacturing shares last traded at $6.52, with a volume of 23,120 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on VIRC shares. Freedom Capital downgraded shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Wall Street Zen raised shares of Virco Manufacturing from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Virco Manufacturing in a research report on Wednesday, July 8th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Virco Manufacturing currently has a consensus rating of “Reduce”.

Virco Manufacturing Stock Up 1.4%

The firm has a market cap of $104.65 million, a P/E ratio of -41.50 and a beta of 0.14. The firm’s 50 day moving average is $6.16 and its two-hundred day moving average is $6.12. The company has a current ratio of 2.53, a quick ratio of 1.43 and a debt-to-equity ratio of 0.03.

Virco Manufacturing (NASDAQ:VIRC) last posted its earnings results on Friday, September 4th. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.48. The company had revenue of $87.47 million for the quarter, compared to analyst estimates of $72.10 million. Virco Manufacturing had a negative net margin of 1.31% and a negative return on equity of 2.32%.

Virco Manufacturing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be paid a dividend of $0.0250 per share. This represents a $0.10 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 18th. Virco Manufacturing’s dividend payout ratio (DPR) is presently -62.50%.

Insiders Place Their Bets

In other Virco Manufacturing news, EVP Douglas A. Virtue bought 8,083 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was purchased at an average cost of $6.00 per share, with a total value of $48,498.00. Following the completion of the purchase, the executive vice president owned 888,663 shares in the company, valued at approximately $5,331,978. The trade was a 0.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought 11,088 shares of company stock worth $66,828 in the last 90 days. Insiders own 16.94% of the company’s stock.

Hedge Funds Weigh In On Virco Manufacturing

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc raised its holdings in Virco Manufacturing by 101.6% during the 2nd quarter. IFP Advisors Inc now owns 5,857 shares of the company’s stock worth $36,000 after buying an additional 2,952 shares during the period. Marquette Asset Management LLC bought a new stake in shares of Virco Manufacturing during the second quarter worth $42,000. Park Edge Advisors LLC increased its position in shares of Virco Manufacturing by 60.9% during the first quarter. Park Edge Advisors LLC now owns 29,119 shares of the company’s stock worth $178,000 after acquiring an additional 11,019 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Virco Manufacturing by 4.9% during the first quarter. Empowered Funds LLC now owns 39,826 shares of the company’s stock worth $244,000 after acquiring an additional 1,869 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Virco Manufacturing in the 2nd quarter valued at $332,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.

About Virco Manufacturing

Virco Manufacturing Corporation designs, manufactures and distributes furniture and equipment primarily for the education market. Its product portfolio includes student desks and chairs, classroom tables, activity tables, teacher furniture, computer and technology furniture, storage products, and soft-seating solutions.

The company also serves other institutional and commercial customers, including government agencies, businesses, hospitality organizations and community facilities. Virco sells its products through a combination of direct sales and independent dealers, with a focus on schools and other organizations throughout the United States.

Virco was founded in 1950 by Julian Virtue and has developed into a long-standing U.S.