Virco Manufacturing Corporation (NASDAQ:VIRC) Shares Acquired by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management Inc. increased its holdings in Virco Manufacturing by 65.1% during the first quarter, acquiring an additional 101,796 shares, bringing its total ownership to approximately 1.61% of the company.
• Virco Manufacturing has recently faced a downgrade from Wall Street analysts, with shares being lowered from a "buy" rating to a "hold" rating.
• The company declared a quarterly dividend of $0.025 per share, resulting in an annualized yield of 1.21% and a dividend payout ratio of 7.94%.

Bastion Asset Management Inc. raised its holdings in Virco Manufacturing Corporation (NASDAQ:VIRC - Free Report) by 65.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,229 shares of the company's stock after purchasing an additional 101,796 shares during the quarter. Bastion Asset Management Inc. owned 1.61% of Virco Manufacturing worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of VIRC. Charles Schwab Investment Management Inc. boosted its stake in shares of Virco Manufacturing by 7.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 35,178 shares of the company's stock worth $361,000 after acquiring an additional 2,360 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Virco Manufacturing during the 4th quarter worth approximately $70,000. American Century Companies Inc. raised its position in shares of Virco Manufacturing by 15.4% during the 4th quarter. American Century Companies Inc. now owns 453,107 shares of the company's stock worth $4,644,000 after purchasing an additional 60,403 shares during the last quarter. WINTON GROUP Ltd raised its position in shares of Virco Manufacturing by 34.5% during the 4th quarter. WINTON GROUP Ltd now owns 98,360 shares of the company's stock worth $1,008,000 after purchasing an additional 25,212 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Virco Manufacturing by 28.5% during the 4th quarter. JPMorgan Chase & Co. now owns 38,828 shares of the company's stock worth $398,000 after purchasing an additional 8,607 shares during the last quarter. Hedge funds and other institutional investors own 30.97% of the company's stock.

Virco Manufacturing Trading Up 2.9%

VIRC traded up $0.24 during trading on Wednesday, hitting $8.22. The company's stock had a trading volume of 28,628 shares, compared to its average volume of 91,204. The firm's 50 day moving average price is $8.17 and its 200-day moving average price is $9.37. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 0.65. The stock has a market cap of $129.29 million, a PE ratio of 6.52 and a beta of 0.31. Virco Manufacturing Corporation has a twelve month low of $7.78 and a twelve month high of $18.50.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last announced its quarterly earnings data on Friday, June 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.12. Virco Manufacturing had a net margin of 7.99% and a return on equity of 17.61%. The company had revenue of $33.75 million during the quarter, compared to analysts' expectations of $41.10 million. During the same period in the previous year, the company earned $0.13 EPS. On average, analysts expect that Virco Manufacturing Corporation will post 1.54 earnings per share for the current year.

Virco Manufacturing Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 20th were given a dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $0.10 dividend on an annualized basis and a yield of 1.22%. Virco Manufacturing's dividend payout ratio (DPR) is 7.94%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Virco Manufacturing from a "buy" rating to a "hold" rating in a research report on Tuesday, April 22nd.

About Virco Manufacturing

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.