Virco Manufacturing (NASDAQ:VIRC) Posts Quarterly Earnings Results, Beats Estimates By $0.48 EPS

Key Points

• Virco Manufacturing reported quarterly EPS of $0.55, beating analyst estimates of $0.07 by $0.48. Despite the earnings beat, the company posted a negative 0.48% net margin and negative 0.16% return on equity.
• Shares rose $0.32 to $6.37 following the results, while the stock remains near the lower end of its 52-week range of $5.16 to $8.90. Virco has a market capitalization of roughly $100 million and a very low debt-to-equity ratio of 0.03.
• Analyst sentiment remains cautious, with ratings averaging “Reduce,” while insiders bought 13,788 shares worth approximately $83,674 over the past 90 days. Institutional investors own about 30.97% of the company.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) posted its earnings results on Friday. The company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.48, Zacks reports. Virco Manufacturing had a negative net margin of 0.48% and a negative return on equity of 0.16%.

Virco Manufacturing Price Performance

VIRC traded up $0.32 on Friday, reaching $6.37. 51,085 shares of the company's stock were exchanged, compared to its average volume of 49,546. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.71 and a quick ratio of 0.90. Virco Manufacturing has a twelve month low of $5.16 and a twelve month high of $8.90. The stock's fifty day moving average price is $6.07 and its 200-day moving average price is $6.10. The stock has a market cap of $100.18 million, a PE ratio of -105.98 and a beta of 0.20.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VIRC shares. Freedom Capital cut Virco Manufacturing from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 4th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Virco Manufacturing in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Virco Manufacturing has an average rating of "Reduce".

Insider Activity

In other Virco Manufacturing news, EVP Douglas A. Virtue bought 8,083 shares of Virco Manufacturing stock in a transaction dated Wednesday, July 8th. The stock was acquired at an average cost of $6.00 per share, with a total value of $48,498.00. Following the completion of the acquisition, the executive vice president owned 888,663 shares of the company's stock, valued at approximately $5,331,978. This represents a 0.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert A. Virtue bought 4,300 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were acquired at an average cost of $6.22 per share, with a total value of $26,746.00. Following the completion of the purchase, the chief executive officer owned 506,124 shares in the company, valued at approximately $3,148,091.28. This represents a 0.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 13,788 shares of company stock valued at $83,674. 16.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of Virco Manufacturing by 25.7% in the first quarter. AQR Capital Management LLC now owns 317,915 shares of the company's stock worth $3,007,000 after purchasing an additional 64,944 shares in the last quarter. Geode Capital Management LLC boosted its position in Virco Manufacturing by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 265,554 shares of the company's stock worth $1,697,000 after acquiring an additional 4,355 shares during the period. Bridgeway Capital Management LLC lifted its position in Virco Manufacturing by 3.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 95,057 shares of the company's stock worth $607,000 after buying an additional 3,095 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Virco Manufacturing by 32.0% in the second quarter. Ameriprise Financial Inc. now owns 82,517 shares of the company's stock worth $658,000 after acquiring an additional 20,004 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Virco Manufacturing by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company's stock worth $594,000 after purchasing an additional 5,436 shares during the last quarter. Hedge funds and other institutional investors own 30.97% of the company's stock.

About Virco Manufacturing

Virco Manufacturing Corporation NASDAQ: VIRC is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.

The company's product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.

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