Virco Mfg. (NASDAQ:VIRC) Given “Outperform” Rating at Wedbush

Wedbush restated their outperform rating on shares of Virco Mfg. (NASDAQ:VIRC) in a research report sent to investors on Tuesday,RTT News reports. They currently have a $17.00 price target on the stock, down from their prior price target of $20.00.

Virco Mfg. Trading Down 6.7 %

Shares of Virco Mfg. stock opened at $12.53 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.26 and a quick ratio of 1.20. The business has a fifty day simple moving average of $14.93 and a two-hundred day simple moving average of $14.89. Virco Mfg. has a 1 year low of $8.28 and a 1 year high of $18.50. The company has a market capitalization of $204.03 million, a price-to-earnings ratio of 7.59 and a beta of 0.68.

Virco Mfg. (NASDAQ:VIRC) last posted its earnings results on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Virco Mfg. had a return on equity of 27.88% and a net margin of 9.50%. During the same quarter last year, the firm posted $0.62 EPS. Research analysts forecast that Virco Mfg. will post 1.93 EPS for the current year.

Virco Mfg. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.80%. Virco Mfg.’s dividend payout ratio (DPR) is currently 6.06%.

Hedge Funds Weigh In On Virco Mfg.

Hedge funds have recently bought and sold shares of the business. Barclays PLC increased its position in shares of Virco Mfg. by 25.8% in the third quarter. Barclays PLC now owns 14,445 shares of the company’s stock worth $200,000 after purchasing an additional 2,961 shares during the period. Geode Capital Management LLC increased its holdings in Virco Mfg. by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock valued at $3,327,000 after buying an additional 6,710 shares during the period. XTX Topco Ltd acquired a new position in shares of Virco Mfg. in the 3rd quarter valued at approximately $180,000. Virtus Investment Advisers Inc. bought a new stake in shares of Virco Mfg. during the 3rd quarter worth approximately $90,000. Finally, State Street Corp boosted its position in shares of Virco Mfg. by 22.6% during the 3rd quarter. State Street Corp now owns 170,300 shares of the company’s stock worth $2,356,000 after acquiring an additional 31,415 shares in the last quarter. 30.97% of the stock is owned by institutional investors.

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.