Bastion Asset Management Inc. Takes Position in Virco Mfg. Co. (NASDAQ:VIRC)

Bastion Asset Management Inc. bought a new position in shares of Virco Mfg. Co. (NASDAQ:VIRC - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 156,433 shares of the company's stock, valued at approximately $1,603,000. Bastion Asset Management Inc. owned approximately 0.96% of Virco Mfg. as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc purchased a new position in Virco Mfg. during the fourth quarter valued at $30,000. Quantbot Technologies LP acquired a new position in shares of Virco Mfg. during the 4th quarter worth about $70,000. Meeder Asset Management Inc. purchased a new position in Virco Mfg. in the 4th quarter valued at about $72,000. Quarry LP boosted its holdings in Virco Mfg. by 810.2% in the 4th quarter. Quarry LP now owns 8,802 shares of the company's stock worth $90,000 after buying an additional 7,835 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Virco Mfg. during the 4th quarter worth approximately $113,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Virco Mfg. Price Performance

Shares of VIRC stock traded down $0.01 during trading hours on Friday, reaching $8.80. The company had a trading volume of 43,110 shares, compared to its average volume of 186,568. Virco Mfg. Co. has a 12-month low of $8.13 and a 12-month high of $18.50. The company has a market capitalization of $141.57 million, a price-to-earnings ratio of 5.68 and a beta of 0.37. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. The stock has a fifty day moving average of $9.60 and a 200-day moving average of $11.45.

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

Virco Mfg. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th were given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Wednesday, March 26th. Virco Mfg.'s payout ratio is presently 7.46%.

Virco Mfg. declared that its board has authorized a share repurchase program on Tuesday, January 21st that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

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.