Insider Buying: Virco Manufacturing (NASDAQ:VIRC) EVP Buys 8,083 Shares

Key Points

• Virco Manufacturing EVP Douglas Virtue bought 8,083 shares on July 8 at an average price of $6.00, totaling about $48,498. After the purchase, he owned 888,663 shares, a 0.92% increase in his stake.
• The company recently reported mixed quarterly results, with EPS of -$0.18 versus the expected $0.01, but revenue of $30.69 million beat estimates of $27.20 million.
• Analysts remain cautious on VIRC, with ratings including two Holds and one Sell, and an average analyst rating of “Reduce.”

Virco Manufacturing Corporation (NASDAQ:VIRC - Get Free Report) EVP Douglas 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, for a total transaction of $48,498.00. Following the completion of the acquisition, the executive vice president directly owned 888,663 shares in the company, valued at $5,331,978. This represents a 0.92% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Virco Manufacturing Price Performance

NASDAQ VIRC traded up $0.04 during trading hours on Thursday, reaching $6.10. 17,510 shares of the company's stock were exchanged, compared to its average volume of 56,998. The stock has a market cap of $95.95 million, a PE ratio of -101.65 and a beta of 0.21. Virco Manufacturing Corporation has a one year low of $5.16 and a one year high of $9.09. The firm has a fifty day moving average of $6.11 and a 200-day moving average of $6.22. The company has a current ratio of 2.71, a quick ratio of 0.90 and a debt-to-equity ratio of 0.03.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.19). The business had revenue of $30.69 million during the quarter, compared to the consensus estimate of $27.20 million. Virco Manufacturing had a negative net margin of 0.48% and a negative return on equity of 0.16%.

Virco Manufacturing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.6%. Virco Manufacturing's dividend payout ratio (DPR) is currently -166.67%.

Analysts Set New Price Targets

Several equities research analysts have 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 cut Virco Manufacturing from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, April 10th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Virco Manufacturing currently has an average rating of "Reduce".

Institutional Trading of Virco Manufacturing

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its holdings in shares of Virco Manufacturing by 4.9% in the first quarter. Empowered Funds LLC now owns 39,826 shares of the company's stock valued at $244,000 after buying an additional 1,869 shares during the period. Park Edge Advisors LLC lifted its position in Virco Manufacturing by 12.9% in the 4th quarter. Park Edge Advisors LLC now owns 18,100 shares of the company's stock valued at $116,000 after acquiring an additional 2,072 shares in the last quarter. Barclays PLC lifted its position in Virco Manufacturing by 16.4% in the 4th quarter. Barclays PLC now owns 17,665 shares of the company's stock valued at $113,000 after acquiring an additional 2,495 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Virco Manufacturing by 3.4% in the 2nd quarter. Bridgeway Capital Management LLC now owns 87,221 shares of the company's stock worth $696,000 after purchasing an additional 2,882 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Virco Manufacturing by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 265,554 shares of the company's stock worth $1,697,000 after purchasing an additional 4,355 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.