Virco Mfg. Co. (NASDAQ:VIRC) Raises Dividend to $0.03 Per Share

Virco Mfg. Co. (NASDAQ:VIRC) declared a quarterly dividend on Monday, September 9th, Zacks reports. Shareholders of record on Friday, September 20th will be given a dividend of 0.025 per share on Friday, October 11th. This represents a $0.10 annualized dividend and a yield of 0.76%. The ex-dividend date is Friday, September 20th. This is a positive change from Virco Mfg.’s previous quarterly dividend of $0.02.

Virco Mfg. has a payout ratio of 4.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Virco Mfg. to earn $1.77 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 4.5%.

Virco Mfg. Stock Performance

Shares of VIRC opened at $13.14 on Tuesday. The firm’s fifty day simple moving average is $15.52 and its two-hundred day simple moving average is $13.12. Virco Mfg. has a 12 month low of $4.85 and a 12 month high of $18.50. The company has a current ratio of 2.30, a quick ratio of 0.59 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $213.00 million, a P/E ratio of 8.42 and a beta of 0.65.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings data on Friday, June 7th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.26. The company had revenue of $46.74 million during the quarter, compared to the consensus estimate of $37.70 million. Virco Mfg. had a net margin of 9.07% and a return on equity of 28.41%. As a group, analysts predict that Virco Mfg. will post 1.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on VIRC. Wedbush reaffirmed an “outperform” rating and set a $19.00 price target (up from $16.00) on shares of Virco Mfg. in a research note on Friday, June 7th. StockNews.com lowered shares of Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 25th.

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.