Virco Mfg. (NASDAQ:VIRC) to Buyback $10.00 million in Outstanding Stock

Virco Mfg. (NASDAQ:VIRC) declared that its Board of Directors has authorized a share buyback program on Tuesday, January 21st, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

VIRC has been the topic of several research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $17.00 target price (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th. StockNews.com cut Virco Mfg. from a “buy” rating to a “hold” rating in a research note on Friday, January 17th.

Virco Mfg. Trading Up 12.9 %

NASDAQ:VIRC opened at $11.35 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70. Virco Mfg. has a fifty-two week low of $8.75 and a fifty-two week high of $18.50. The stock’s 50-day moving average is $12.52 and its two-hundred day moving average is $14.16. The stock has a market cap of $184.89 million, a PE ratio of 7.32 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last released its earnings results on Monday, December 9th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same period in the previous year, the firm posted $0.62 EPS. As a group, equities research analysts forecast that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Friday, December 20th. Virco Mfg.’s payout ratio is presently 6.45%.

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.