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

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 Monday, September 8th, 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) dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, September 19th.

Virco Manufacturing has a dividend payout ratio of 11.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ VIRC traded down $0.65 during midday trading on Monday, reaching $8.17. 123,127 shares of the company were exchanged, compared to its average volume of 86,407. The stock's 50-day moving average price is $8.22 and its 200-day moving average price is $8.84. The stock has a market cap of $128.60 million, a P/E ratio of 9.39 and a beta of 0.40. Virco Manufacturing has a one year low of $7.47 and a one year high of $17.31. The company has a quick ratio of 0.65, a current ratio of 3.02 and a debt-to-equity ratio of 0.04.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) last posted its earnings results on Friday, September 5th. The company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.84 by ($0.14). Virco Manufacturing had a return on equity of 12.18% and a net margin of 5.74%.The company had revenue of $92.09 million for the quarter, compared to the consensus estimate of $113.80 million. On average, sell-side analysts anticipate that Virco Manufacturing will post 1.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Virco Manufacturing to a "hold" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Virco Manufacturing has an average rating of "Moderate Buy" and an average target price of $17.00.

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.

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