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

StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a research note published on Friday morning.

Separately, 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 note on Tuesday, December 10th.

Virco Mfg. Stock Down 2.0 %

Shares of NASDAQ VIRC opened at $10.05 on Friday. The firm has a 50-day simple moving average of $12.74 and a two-hundred day simple moving average of $14.19. Virco Mfg. has a 1 year low of $8.75 and a 1 year high of $18.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70. The company has a market cap of $163.70 million, a P/E ratio of 6.48 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings results on Monday, December 9th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. During the same quarter in the previous year, the firm posted $0.62 earnings per share. Research analysts anticipate that Virco Mfg. will post 1.54 earnings per share for the current year.

Virco Mfg. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were given a $0.025 dividend. The ex-dividend date was Friday, December 20th. This represents a $0.10 annualized dividend and a yield of 1.00%. Virco Mfg.’s dividend payout ratio (DPR) is 6.45%.

Hedge Funds Weigh In On Virco Mfg.

Large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new position in Virco Mfg. in the third quarter valued at $194,000. Bank of New York Mellon Corp acquired a new position in shares of Virco Mfg. during the 2nd quarter valued at about $545,000. Geode Capital Management LLC lifted its holdings in shares of Virco Mfg. by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock worth $3,327,000 after acquiring an additional 6,710 shares during the period. State Street Corp boosted its position in shares of 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 acquiring an additional 31,415 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Virco Mfg. by 197.2% in the second quarter. Sei Investments Co. now owns 61,708 shares of the company’s stock valued at $860,000 after purchasing an additional 40,942 shares during the period. Hedge funds and other institutional investors own 30.97% of the company’s stock.

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.