Virco Manufacturing Corporation (NASDAQ:VIRC) Declares $0.03 Quarterly Dividend

Key Points

• Virco Manufacturing Corporation announced a quarterly dividend of $0.03 per share, with a dividend yield of 1.2%, scheduled for payment on October 10th to shareholders of record as of September 19th.
• The company reported earnings per share of $0.70 for the last quarter, missing analysts' expectations of $0.84, along with significantly lower revenue at $92.09 million compared to the estimated $113.80 million.
• Zacks Research has upgraded Virco Manufacturing's rating to "hold," contributing to an overall average rating of "Moderate Buy" with a target price of $17.00.

Virco Manufacturing Corporation (NASDAQ:VIRC - Get Free Report) announced a quarterly dividend on Tuesday, September 2nd, Wall Street Journal reports. Shareholders of record on Friday, September 19th will be given a dividend of 0.025 per share on Friday, October 10th. This represents a c) annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, September 19th.

Virco Manufacturing has a dividend payout ratio of 11.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Virco Manufacturing to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 7.6%.

Virco Manufacturing Stock Down 3.0%

Shares of Virco Manufacturing stock traded down $0.25 during trading on Friday, reaching $7.97. The company's stock had a trading volume of 54,779 shares, compared to its average volume of 56,616. The company has a quick ratio of 0.65, a current ratio of 2.96 and a debt-to-equity ratio of 0.03. The company has a 50-day simple moving average of $8.21 and a two-hundred day simple moving average of $8.78. Virco Manufacturing has a 1-year low of $7.47 and a 1-year high of $17.31. The company has a market cap of $125.61 million, a price-to-earnings ratio of 9.16 and a beta of 0.40.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last issued its quarterly earnings data on Friday, September 5th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.14). The business had revenue of $92.09 million during the quarter, compared to analysts' expectations of $113.80 million. Virco Manufacturing had a return on equity of 12.04% and a net margin of 5.74%. As a group, equities analysts forecast that Virco Manufacturing will post 1.54 earnings per share for the current year.

Institutional Trading of Virco Manufacturing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Minerva Advisors LLC lifted its stake in shares of Virco Manufacturing by 4.1% during the 1st quarter. Minerva Advisors LLC now owns 1,210,455 shares of the company's stock worth $11,451,000 after purchasing an additional 47,866 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Virco Manufacturing during the 4th quarter worth about $417,000. Bastion Asset Management Inc. boosted its position in shares of Virco Manufacturing by 65.1% in the 1st quarter. Bastion Asset Management Inc. now owns 258,229 shares of the company's stock valued at $2,443,000 after purchasing an additional 101,796 shares during the period. Nuveen LLC purchased a new stake in Virco Manufacturing during the 1st quarter valued at approximately $1,111,000. Finally, Two Sigma Advisers LP purchased a new position in Virco Manufacturing in the 4th quarter valued at approximately $138,000. Institutional investors own 30.97% of the company's stock.

Virco Manufacturing Company 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.