Quantbot Technologies LP Buys New Position in Virco Mfg. Co. (NASDAQ:VIRC)

Quantbot Technologies LP purchased a new position in Virco Mfg. Co. (NASDAQ:VIRC) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 6,789 shares of the company’s stock, valued at approximately $70,000.

Several other large investors also recently bought and sold shares of the company. IFP Advisors Inc acquired a new position in shares of Virco Mfg. during the fourth quarter worth $30,000. MetLife Investment Management LLC grew its holdings in Virco Mfg. by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock valued at $86,000 after purchasing an additional 3,511 shares in the last quarter. Virtus Investment Advisers Inc. purchased a new stake in Virco Mfg. during the 3rd quarter worth $90,000. Walleye Capital LLC acquired a new position in Virco Mfg. in the 3rd quarter worth $140,000. Finally, Principal Financial Group Inc. boosted its position in Virco Mfg. by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 15,656 shares of the company’s stock valued at $160,000 after buying an additional 1,604 shares during the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VIRC. StockNews.com upgraded Virco Mfg. from a “hold” rating to a “buy” rating in a research note on Saturday. Wedbush restated an “outperform” rating and set a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

Virco Mfg. Stock Up 0.4 %

Shares of NASDAQ:VIRC opened at $9.50 on Wednesday. The firm has a market cap of $154.75 million, a PE ratio of 6.13 and a beta of 0.76. The company has a fifty day simple moving average of $10.54 and a 200 day simple moving average of $12.37. 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. Co. has a 12-month low of $9.08 and a 12-month high of $18.50.

Virco Mfg. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Wednesday, March 26th. Virco Mfg.’s payout ratio is currently 6.45%.

Virco Mfg. declared that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.