Bank of New York Mellon Corp Invests $545,000 in Virco Mfg. Co. (NASDAQ:VIRC)

Bank of New York Mellon Corp bought a new stake in Virco Mfg. Co. (NASDAQ:VIRC) during the second quarter, HoldingsChannel.com reports. The fund bought 39,119 shares of the company’s stock, valued at approximately $545,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Lazard Asset Management LLC boosted its holdings in Virco Mfg. by 115.6% during the first quarter. Lazard Asset Management LLC now owns 3,450 shares of the company’s stock valued at $37,000 after purchasing an additional 1,850 shares in the last quarter. LSV Asset Management bought a new position in shares of Virco Mfg. during the 1st quarter worth approximately $90,000. SG Americas Securities LLC acquired a new stake in Virco Mfg. in the 2nd quarter valued at $127,000. Bailard Inc. acquired a new stake in Virco Mfg. in the 2nd quarter valued at $240,000. Finally, Russell Investments Group Ltd. grew its position in Virco Mfg. by 155.9% in the first quarter. Russell Investments Group Ltd. now owns 33,613 shares of the company’s stock valued at $367,000 after acquiring an additional 20,480 shares during the period. Institutional investors and hedge funds own 30.97% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on VIRC shares. StockNews.com cut Virco Mfg. from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 25th. Wedbush reissued an “outperform” rating and set a $19.00 price target (up from $16.00) on shares of Virco Mfg. in a report on Friday, June 7th.

Virco Mfg. Stock Up 0.6 %

Shares of VIRC opened at $13.97 on Tuesday. The company has a market capitalization of $226.43 million, a P/E ratio of 8.96 and a beta of 0.65. Virco Mfg. Co. has a one year low of $5.82 and a one year high of $18.50. The business’s 50 day simple moving average is $15.70 and its 200-day simple moving average is $13.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.26 and a quick ratio of 1.20.

Virco Mfg. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 20th will be paid a $0.025 dividend. The ex-dividend date is Friday, September 20th. This represents a $0.10 dividend on an annualized basis and a yield of 0.72%. This is a positive change from Virco Mfg.’s previous quarterly dividend of $0.02. Virco Mfg.’s payout ratio is currently 6.41%.

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.