Virco Mfg. (NASDAQ:VIRC) Upgraded by StockNews.com to Buy Rating

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

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

Virco Mfg. Stock Performance

NASDAQ VIRC opened at $9.53 on Friday. The company’s fifty day moving average is $10.59 and its two-hundred day moving average is $12.46. Virco Mfg. has a 52-week low of $9.08 and a 52-week high of $18.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70. The firm has a market capitalization of $155.23 million, a price-to-earnings ratio of 6.15 and a beta of 0.76.

Virco Mfg. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Wednesday, March 26th will be given 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 1.05%. Virco Mfg.’s dividend payout ratio (DPR) is currently 6.45%.

Virco Mfg. declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 21st that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Virco Mfg.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Northern Trust Corp lifted its stake in Virco Mfg. by 0.9% during the fourth quarter. Northern Trust Corp now owns 93,719 shares of the company’s stock worth $961,000 after purchasing an additional 870 shares during the period. Principal Financial Group Inc. lifted its position in shares of Virco Mfg. by 11.4% during the 4th quarter. Principal Financial Group Inc. now owns 15,656 shares of the company’s stock worth $160,000 after buying an additional 1,604 shares during the period. Rhumbline Advisers boosted its stake in Virco Mfg. by 11.8% in the 4th quarter. Rhumbline Advisers now owns 16,653 shares of the company’s stock valued at $171,000 after buying an additional 1,753 shares in the last quarter. Barclays PLC grew its position in Virco Mfg. by 15.1% in the fourth quarter. Barclays PLC now owns 16,633 shares of the company’s stock valued at $170,000 after acquiring an additional 2,188 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Virco Mfg. by 7.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 35,178 shares of the company’s stock worth $361,000 after acquiring an additional 2,360 shares in the last quarter. 30.97% of the stock is owned by institutional investors.

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.