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

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

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 Down 2.5 %

VIRC opened at $9.72 on Wednesday. The company has a market cap of $158.33 million, a P/E ratio of 6.27 and a beta of 0.76. The business’s 50-day moving average price is $10.60 and its 200-day moving average price is $12.67. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. Virco Mfg. has a 12 month low of $9.08 and a 12 month high of $18.50.

Virco Mfg. announced that its Board of Directors has approved a share repurchase program on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Virco Mfg.

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. bought a new stake in shares of Virco Mfg. in the 3rd quarter worth approximately $194,000. JPMorgan Chase & Co. boosted its position in shares of Virco Mfg. by 510.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company’s stock worth $417,000 after purchasing an additional 25,269 shares in the last quarter. Minerva Advisors LLC boosted its position in shares of Virco Mfg. by 5.5% in the 4th quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company’s stock worth $11,870,000 after purchasing an additional 60,900 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Virco Mfg. by 2.9% in the 3rd 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 in the last quarter. Finally, State Street Corp boosted its position in shares of Virco Mfg. by 22.6% in the 3rd 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. 30.97% of the stock is owned by institutional investors.

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.