Virco Mfg. Co. Announces Quarterly Dividend of $0.03 (NASDAQ:VIRC)

Virco Mfg. Co. (NASDAQ:VIRC - Get Free Report) announced a quarterly dividend on Tuesday, June 3rd, Wall Street Journal reports. Investors of record on Friday, June 20th will be given a dividend of 0.025 per share on Friday, July 11th. This represents a $0.10 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, June 20th.

Virco Mfg. has a payout ratio of 11.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Virco Mfg. 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 Mfg. Trading Up 1.2%

Shares of NASDAQ:VIRC traded up $0.10 during trading hours on Thursday, hitting $8.25. 46,849 shares of the company's stock traded hands, compared to its average volume of 175,615. The firm has a market capitalization of $132.72 million, a P/E ratio of 5.32 and a beta of 0.34. The business has a fifty day moving average price of $8.95 and a 200-day moving average price of $10.38. Virco Mfg. has a 1 year low of $8.00 and a 1 year high of $18.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70.

Virco Mfg. (NASDAQ:VIRC - Get Free Report) last announced its quarterly earnings data on Friday, June 6th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.12. Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. The company had revenue of $33.75 million for the quarter, compared to the consensus estimate of $41.10 million. During the same quarter in the prior year, the company posted $0.13 EPS. Equities analysts expect that Virco Mfg. will post 1.54 earnings per share for the current year.

Institutional Investors Weigh In On Virco Mfg.

Hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in Virco Mfg. during the first quarter worth $186,000. Empowered Funds LLC acquired a new position in shares of Virco Mfg. in the first quarter worth about $258,000. Goldman Sachs Group Inc. boosted its stake in shares of Virco Mfg. by 9.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company's stock worth $594,000 after acquiring an additional 5,436 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Virco Mfg. by 25.7% during the 1st quarter. AQR Capital Management LLC now owns 317,915 shares of the company's stock valued at $3,007,000 after acquiring an additional 64,944 shares during the period. 30.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

About Virco Mfg.

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.