Los Angeles Capital Management LLC Acquires New Stake in Virco Mfg. Co. (NASDAQ:VIRC)

Los Angeles Capital Management LLC bought a new position in shares of Virco Mfg. Co. (NASDAQ:VIRC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 73,355 shares of the company’s stock, valued at approximately $1,013,000. Los Angeles Capital Management LLC owned approximately 0.45% of Virco Mfg. at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of VIRC. Principal Financial Group Inc. acquired a new stake in Virco Mfg. during the 3rd quarter worth approximately $194,000. Janney Montgomery Scott LLC purchased a new stake in shares of Virco Mfg. during the third quarter worth $1,153,000. Inspire Advisors LLC purchased a new position in Virco Mfg. in the third quarter valued at $572,000. Creative Planning acquired a new position in Virco Mfg. during the 3rd quarter worth $159,000. Finally, Inspire Investing LLC increased its holdings in Virco Mfg. by 12.5% during the 3rd quarter. Inspire Investing LLC now owns 58,300 shares of the company’s stock worth $805,000 after purchasing an additional 6,481 shares during the period. 30.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 25th.

Virco Mfg. Stock Performance

Shares of VIRC stock opened at $14.82 on Friday. The company has a market cap of $241.42 million, a P/E ratio of 8.98 and a beta of 0.65. The firm has a fifty day moving average price of $14.40 and a 200 day moving average price of $14.40. The company has a current ratio of 2.26, a quick ratio of 1.20 and a debt-to-equity ratio of 0.04. Virco Mfg. Co. has a 12 month low of $6.20 and a 12 month high of $18.50.

Virco Mfg. (NASDAQ:VIRC) last released its quarterly earnings data on Monday, September 9th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.04. Virco Mfg. had a return on equity of 27.88% and a net margin of 9.50%. The business had revenue of $108.42 million during the quarter, compared to analysts’ expectations of $115.90 million. Sell-side analysts predict that Virco Mfg. Co. will post 1.93 earnings per share for the current fiscal year.

Virco Mfg. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 20th were paid a $0.025 dividend. This is a positive change from Virco Mfg.’s previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a yield of 0.67%. The ex-dividend date was Friday, September 20th. Virco Mfg.’s dividend payout ratio is currently 6.06%.

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.