Virco Mfg. (NASDAQ:VIRC) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a report released on Sunday morning.

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

Virco Mfg. Stock Performance

Shares of VIRC stock opened at $9.10 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. Virco Mfg. has a fifty-two week low of $8.65 and a fifty-two week high of $18.50. The company has a market capitalization of $148.23 million, a P/E ratio of 5.87 and a beta of 0.41. The stock has a 50 day moving average price of $10.43 and a two-hundred day moving average price of $12.24.

Virco Mfg. declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 21st that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Virco Mfg. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th will be issued a $0.025 dividend. The ex-dividend date is Wednesday, March 26th. This represents a $0.10 annualized dividend and a yield of 1.10%. Virco Mfg.’s dividend payout ratio (DPR) is presently 6.45%.

Hedge Funds Weigh In On Virco Mfg.

Institutional investors have recently bought and sold shares of the stock. PharVision Advisers LLC bought a new stake in Virco Mfg. during the 4th quarter valued at approximately $338,000. Two Sigma Advisers LP purchased a new position in shares of Virco Mfg. in the 4th quarter valued at approximately $138,000. Two Sigma Investments LP bought a new stake in shares of Virco Mfg. during the fourth quarter valued at approximately $417,000. Sherbrooke Park Advisers LLC purchased a new stake in Virco Mfg. in the fourth quarter worth $131,000. Finally, Millennium Management LLC raised its holdings in Virco Mfg. by 7.3% in the fourth quarter. Millennium Management LLC now owns 366,968 shares of the company’s stock worth $3,761,000 after purchasing an additional 25,032 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.