Virco Mfg. (NASDAQ:VIRC) Rating Lowered to Hold at StockNews.com

Virco Mfg. (NASDAQ:VIRCGet Free Report) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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

Get Our Latest Stock Analysis on Virco Mfg.

Virco Mfg. Stock Performance

Shares of NASDAQ VIRC opened at $10.95 on Tuesday. Virco Mfg. has a 12 month low of $8.75 and a 12 month high of $18.50. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The company has a market cap of $178.38 million, a P/E ratio of 7.06 and a beta of 0.77. The business’s 50 day moving average is $12.03 and its two-hundred day moving average is $14.05.

Virco Mfg. (NASDAQ:VIRCGet Free Report) 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 quarter in the prior year, the firm posted $0.62 earnings per share. On average, equities analysts expect that Virco Mfg. will post 1.54 EPS for the current year.

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

Hedge Funds Weigh In On Virco Mfg.

Several institutional investors have recently bought and sold shares of VIRC. Janney Montgomery Scott LLC bought a new stake in Virco Mfg. during the 3rd quarter worth about $1,153,000. Los Angeles Capital Management LLC bought a new stake in shares of Virco Mfg. during the third quarter valued at approximately $1,013,000. Dimensional Fund Advisors LP increased its holdings in shares of Virco Mfg. by 11.9% in the second quarter. Dimensional Fund Advisors LP now owns 525,456 shares of the company’s stock valued at $7,325,000 after purchasing an additional 55,689 shares in the last quarter. Inspire Advisors LLC bought a new position in Virco Mfg. in the 3rd quarter worth approximately $572,000. Finally, Sei Investments Co. lifted its holdings in Virco Mfg. by 197.2% during the 2nd quarter. Sei Investments Co. now owns 61,708 shares of the company’s stock worth $860,000 after buying an additional 40,942 shares in the last quarter. Institutional investors own 30.97% of the company’s stock.

About Virco Mfg.

(Get Free Report)

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.

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