Bastion Asset Management Inc. Buys 101,796 Shares of Virco Manufacturing Corporation (NASDAQ:VIRC)

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. lifted its holdings in Virco Manufacturing Corporation (NASDAQ:VIRC - Free Report) by 65.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 258,229 shares of the company's stock after acquiring an additional 101,796 shares during the quarter. Bastion Asset Management Inc. owned 1.61% of Virco Manufacturing worth $2,443,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Virco Manufacturing in the 4th quarter worth approximately $70,000. Meeder Asset Management Inc. bought a new stake in shares of Virco Manufacturing in the 4th quarter worth approximately $72,000. Quarry LP lifted its holdings in shares of Virco Manufacturing by 810.2% in the 4th quarter. Quarry LP now owns 8,802 shares of the company's stock worth $90,000 after acquiring an additional 7,835 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of Virco Manufacturing in the 4th quarter worth approximately $107,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Virco Manufacturing in the 4th quarter worth approximately $113,000. 30.97% of the stock is currently owned by institutional investors.

Virco Manufacturing Trading Up 2.9%

NASDAQ:VIRC traded up $0.23 during midday trading on Friday, reaching $8.25. 37,305 shares of the stock traded hands, compared to its average volume of 72,036. The company has a fifty day moving average of $8.18 and a 200 day moving average of $9.38. Virco Manufacturing Corporation has a 12 month low of $7.78 and a 12 month high of $18.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.65 and a current ratio of 3.02. The stock has a market capitalization of $129.86 million, a P/E ratio of 6.55 and a beta of 0.31.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last posted its quarterly earnings results on Friday, June 6th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $41.10 million. During the same period in the prior year, the business posted $0.13 EPS. On average, research analysts predict that Virco Manufacturing Corporation will post 1.54 EPS for the current year.

Virco Manufacturing Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 20th were issued 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 1.21%. Virco Manufacturing's dividend payout ratio is currently 7.94%.

Analysts Set New Price Targets

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

Virco Manufacturing Profile

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.