Bastion Asset Management Inc. Invests $1.60 Million in Virco Mfg. Co. (NASDAQ:VIRC)

Bastion Asset Management Inc. acquired a new stake in shares of Virco Mfg. Co. (NASDAQ:VIRC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 156,433 shares of the company's stock, valued at approximately $1,603,000. Bastion Asset Management Inc. owned about 0.96% of Virco Mfg. at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in Virco Mfg. by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 15,656 shares of the company's stock worth $160,000 after purchasing an additional 1,604 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Virco Mfg. by 510.3% in the third quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company's stock worth $417,000 after buying an additional 25,269 shares during the period. Minerva Advisors LLC boosted its position in Virco Mfg. by 5.5% during the 4th quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company's stock valued at $11,870,000 after buying an additional 60,900 shares during the period. Geode Capital Management LLC grew 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 worth $3,327,000 after acquiring an additional 6,710 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of Virco Mfg. by 42.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 104,235 shares of the company's stock valued at $1,068,000 after acquiring an additional 30,880 shares during the period. Hedge funds and other institutional investors own 30.97% of the company's stock.

Virco Mfg. Trading Down 1.8 %

Shares of Virco Mfg. stock traded down $0.15 during midday trading on Wednesday, reaching $8.23. 133,820 shares of the company's stock traded hands, compared to its average volume of 187,266. The company has a market cap of $132.40 million, a PE ratio of 5.31 and a beta of 0.37. The stock has a 50 day moving average of $9.63 and a 200-day moving average of $11.49. Virco Mfg. Co. has a 12 month low of $8.13 and a 12 month high of $18.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88.

Virco Mfg. (NASDAQ:VIRC - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.20). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. The firm had revenue of $28.47 million for the quarter, compared to the consensus estimate of $43.00 million. As a group, equities analysts expect that Virco Mfg. Co. will post 1.54 EPS for the current fiscal year.

Virco Mfg. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Wednesday, March 26th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date was Wednesday, March 26th. Virco Mfg.'s dividend payout ratio (DPR) is presently 7.46%.

Virco Mfg. declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 21st that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Virco Mfg. from a "buy" rating to a "hold" rating in a research note on Tuesday, April 22nd.

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.