Virco Manufacturing (NASDAQ:VIRC) EVP Douglas Virtue Acquires 3,000 Shares of Stock

Key Points

• Insider purchase: EVP Douglas Virtue bought 3,000 Virco Manufacturing shares at an average price of $6.10, investing $18,300 and increasing his stake to 897,408 shares.
• Recent performance: Virco reported quarterly EPS of $0.55, substantially above the $0.07 consensus estimate, while revenue of $87.47 million also exceeded expectations. The stock rose 2.1% to $6.23.
• Investor outlook: Virco declared a quarterly dividend of $0.025 per share, but analyst sentiment remains cautious, with a consensus “Reduce” rating and 30.97% institutional ownership.

Virco Manufacturing Corporation (NASDAQ:VIRC - Get Free Report) EVP Douglas Virtue acquired 3,000 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average price of $6.10 per share, for a total transaction of $18,300.00. Following the completion of the purchase, the executive vice president owned 897,408 shares of the company's stock, valued at approximately $5,474,188.80. This represents a 0.34% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Virco Manufacturing Stock Up 2.1%

NASDAQ:VIRC traded up $0.13 during trading hours on Tuesday, reaching $6.23. The company's stock had a trading volume of 12,095 shares, compared to its average volume of 48,803. The stock has a 50 day moving average price of $6.07 and a two-hundred day moving average price of $6.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.43 and a current ratio of 2.53. The company has a market capitalization of $98.21 million, a P/E ratio of -38.94 and a beta of 0.20. Virco Manufacturing Corporation has a 12 month low of $5.16 and a 12 month high of $8.23.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last announced its earnings results on Friday, September 4th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.48. Virco Manufacturing had a negative return on equity of 2.32% and a negative net margin of 1.31%.The business had revenue of $87.47 million for the quarter, compared to analysts' expectations of $72.10 million.

Virco Manufacturing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, September 18th. Virco Manufacturing's dividend payout ratio is presently -62.50%.

Institutional Investors Weigh In On Virco Manufacturing

Several institutional investors and hedge funds have recently made changes to their positions in VIRC. Minerva Advisors LLC lifted its position in Virco Manufacturing by 6.3% during the 4th quarter. Minerva Advisors LLC now owns 1,448,198 shares of the company's stock worth $9,254,000 after acquiring an additional 85,696 shares during the period. BlackRock Inc. acquired a new stake in shares of Virco Manufacturing during the second quarter worth about $860,000. Bank of New York Mellon Corp purchased a new stake in Virco Manufacturing in the second quarter valued at approximately $635,000. Susquehanna International Group LLP boosted its position in Virco Manufacturing by 564.4% in the second quarter. Susquehanna International Group LLP now owns 68,437 shares of the company's stock valued at $420,000 after buying an additional 58,137 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Virco Manufacturing in the 2nd quarter worth approximately $332,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VIRC shares. Wall Street Zen raised shares of Virco Manufacturing from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. Weiss Ratings restated a "sell (d+)" rating on shares of Virco Manufacturing in a research note on Wednesday, July 8th. Finally, Freedom Capital lowered Virco Manufacturing from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce".

Virco Manufacturing Company Profile

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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