Virco Mfg. (NASDAQ:VIRC) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Separately, Wedbush restated an “outperform” rating and set a $17.00 price target (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday.

Virco Mfg. Trading Down 6.7 %

Virco Mfg. stock opened at $12.53 on Tuesday. The stock has a market cap of $204.03 million, a price-to-earnings ratio of 7.59 and a beta of 0.68. Virco Mfg. has a 12 month low of $8.28 and a 12 month high of $18.50. The business has a 50 day moving average price of $14.93 and a two-hundred day moving average price of $14.89. The company has a quick ratio of 1.20, a current ratio of 2.26 and a debt-to-equity ratio of 0.04.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings data on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Virco Mfg. had a net margin of 9.50% and a return on equity of 27.88%. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, equities analysts forecast that Virco Mfg. will post 1.93 EPS for the current year.

Virco Mfg. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.10 annualized dividend and a yield of 0.80%. Virco Mfg.’s dividend payout ratio is currently 6.06%.

Institutional Investors Weigh In On Virco Mfg.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Virco Mfg. by 78.2% during the 1st quarter. Vanguard Group Inc. now owns 477,218 shares of the company’s stock worth $5,216,000 after acquiring an additional 209,366 shares during the last quarter. LSV Asset Management increased its stake in shares of Virco Mfg. by 956.1% in the second quarter. LSV Asset Management now owns 86,643 shares of the company’s stock valued at $1,208,000 after buying an additional 78,439 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Virco Mfg. in the second quarter valued at about $545,000. Bailard Inc. acquired a new position in Virco Mfg. during the 2nd quarter worth about $240,000. Finally, Principal Financial Group Inc. bought a new stake in Virco Mfg. during the 3rd quarter worth about $194,000. Institutional investors and hedge funds own 30.97% of the company’s stock.

About Virco Mfg.

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.