Virco Mfg. (NASDAQ:VIRC) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC - Free Report) from a buy rating to a hold rating in a research note released on Tuesday.

Virco Mfg. Trading Up 1.8 %

Shares of VIRC stock traded up $0.17 during trading hours on Tuesday, reaching $9.39. The company's stock had a trading volume of 95,782 shares, compared to its average volume of 187,880. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. Virco Mfg. has a one year low of $8.52 and a one year high of $18.50. The stock has a market capitalization of $151.06 million, a P/E ratio of 6.06 and a beta of 0.41. The firm's fifty day simple moving average is $9.91 and its 200 day simple moving average is $11.79.

Virco Mfg. (NASDAQ:VIRC - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.20). The company had revenue of $28.47 million during the quarter, compared to the consensus estimate of $43.00 million. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. Equities research analysts expect that Virco Mfg. will post 1.54 EPS for the current year.

Virco Mfg. declared that its board has authorized a share repurchase program on Tuesday, January 21st that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

Virco Mfg. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th were issued a $0.025 dividend. The ex-dividend date was Wednesday, March 26th. This represents a $0.10 annualized dividend and a yield of 1.06%. Virco Mfg.'s dividend payout ratio (DPR) is presently 7.46%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Northern Trust Corp grew its stake in Virco Mfg. by 0.9% in the fourth quarter. Northern Trust Corp now owns 93,719 shares of the company's stock worth $961,000 after purchasing an additional 870 shares during the period. North Star Investment Management Corp. boosted its holdings in shares of Virco Mfg. by 1.1% during the 1st quarter. North Star Investment Management Corp. now owns 113,175 shares of the company's stock valued at $1,071,000 after buying an additional 1,200 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Virco Mfg. by 2.3% during the 1st quarter. SummerHaven Investment Management LLC now owns 58,637 shares of the company's stock valued at $555,000 after buying an additional 1,319 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Virco Mfg. by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 15,656 shares of the company's stock worth $160,000 after buying an additional 1,604 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Virco Mfg. by 11.8% in the 4th quarter. Rhumbline Advisers now owns 16,653 shares of the company's stock worth $171,000 after acquiring an additional 1,753 shares in the last quarter. Institutional investors own 30.97% of the company's stock.

Virco Mfg. 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.