Stock Repurchase Program Announced by Virco Mfg. (NASDAQ:VIRC) Board of Directors

Virco Mfg. (NASDAQ:VIRC) announced that its board has authorized a stock buyback program on Tuesday, January 21st, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Virco Mfg. Stock Up 0.5 %

NASDAQ VIRC opened at $11.15 on Friday. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $181.63 million, a price-to-earnings ratio of 7.19 and a beta of 0.77. Virco Mfg. has a 1-year low of $8.75 and a 1-year high of $18.50. The stock’s 50 day moving average is $12.36 and its two-hundred day moving average is $14.12.

Virco Mfg. (NASDAQ:VIRC) last released its earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates 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 last year, the business posted $0.62 EPS. Equities analysts forecast that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 20th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, December 20th. Virco Mfg.’s payout ratio is 6.45%.

Analyst Upgrades and Downgrades

VIRC has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and set a $17.00 price target (down from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th. StockNews.com lowered Virco Mfg. from a “buy” rating to a “hold” rating in a report on Friday, January 17th.

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.