StockNews.com Downgrades Virco Mfg. (NASDAQ:VIRC) to Hold

StockNews.com lowered shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a report issued on Wednesday morning.

Separately, Wedbush restated an “outperform” rating and issued a $17.00 price target (down from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th.

Virco Mfg. Price Performance

VIRC opened at $9.97 on Wednesday. The business has a fifty day moving average of $10.60 and a 200 day moving average of $12.69. The stock has a market cap of $162.40 million, a P/E ratio of 6.43 and a beta of 0.76. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. Virco Mfg. has a 52-week low of $9.08 and a 52-week high of $18.50.

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

Virco Mfg. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Wednesday, March 26th will be paid a $0.025 dividend. The ex-dividend date of this dividend is Wednesday, March 26th. This represents a $0.10 annualized dividend and a yield of 1.00%. Virco Mfg.’s dividend payout ratio (DPR) is currently 6.45%.

Hedge Funds Weigh In On Virco Mfg.

A number of hedge funds and other institutional investors have recently made changes to their positions in VIRC. Principal Financial Group Inc. purchased a new stake in Virco Mfg. in the third quarter worth about $194,000. JPMorgan Chase & Co. raised its holdings in shares of Virco Mfg. by 510.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company’s stock valued at $417,000 after purchasing an additional 25,269 shares in the last quarter. Minerva Advisors LLC lifted its position in shares of Virco Mfg. by 5.5% in the 4th quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company’s stock worth $11,870,000 after purchasing an additional 60,900 shares during the period. Geode Capital Management LLC boosted its stake in shares of Virco Mfg. by 2.9% during the third quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock valued at $3,327,000 after purchasing an additional 6,710 shares in the last quarter. Finally, State Street Corp increased its holdings in Virco Mfg. by 22.6% during the third quarter. State Street Corp now owns 170,300 shares of the company’s stock valued at $2,356,000 after buying an additional 31,415 shares during the period. Institutional investors own 30.97% of the company’s stock.

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.