Janney Montgomery Scott LLC Has $701,000 Holdings in Virco Mfg. Co. (NASDAQ:VIRC)

Janney Montgomery Scott LLC lowered its position in Virco Mfg. Co. (NASDAQ:VIRC) by 18.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 68,406 shares of the company’s stock after selling 15,069 shares during the period. Janney Montgomery Scott LLC’s holdings in Virco Mfg. were worth $701,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of VIRC. Principal Financial Group Inc. acquired a new stake in Virco Mfg. during the 3rd quarter worth about $194,000. JPMorgan Chase & Co. boosted its position in shares of Virco Mfg. by 510.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company’s stock valued at $417,000 after purchasing an additional 25,269 shares in the last quarter. Geode Capital Management LLC grew its stake in Virco Mfg. by 2.9% during the third quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock worth $3,327,000 after purchasing an additional 6,710 shares during the period. State Street Corp increased its holdings in Virco Mfg. by 22.6% in the third quarter. State Street Corp now owns 170,300 shares of the company’s stock worth $2,356,000 after purchasing an additional 31,415 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Virco Mfg. in the third quarter valued at approximately $1,013,000. 30.97% of the stock is owned by institutional investors.

Virco Mfg. Trading Down 1.2 %

NASDAQ VIRC opened at $11.23 on Friday. Virco Mfg. Co. has a 52 week low of $8.75 and a 52 week high of $18.50. The business has a 50 day moving average price of $11.31 and a 200-day moving average price of $13.80. 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 $182.94 million, a price-to-earnings ratio of 7.25 and a beta of 0.76.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates 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 business posted $0.62 EPS. As a group, equities analysts expect that Virco Mfg. Co. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. declared that its board has authorized a share buyback plan on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes 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 leadership believes its shares are undervalued.

Virco Mfg. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a yield of 0.89%. Virco Mfg.’s dividend payout ratio (DPR) is currently 6.45%.

Analysts Set New Price Targets

Several brokerages have recently commented on VIRC. Wedbush reaffirmed an “outperform” rating and set a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th. StockNews.com cut shares of Virco Mfg. from a “buy” rating to a “hold” rating in a report on Tuesday, January 28th.

Virco Mfg. 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.