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

StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC) from a buy rating to a hold rating in a research report report published on Friday morning.

Separately, Wedbush reiterated an “outperform” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th.

Virco Mfg. Stock Down 2.0 %

Shares of VIRC opened at $10.05 on Friday. The stock has a 50 day moving average price of $12.74 and a 200 day moving average price of $14.18. Virco Mfg. has a one year low of $8.75 and a one year high of $18.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. The stock has a market capitalization of $163.71 million, a price-to-earnings ratio of 6.48 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last released its earnings results on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. During the same quarter in the previous year, the business posted $0.62 EPS. Equities research analysts forecast that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, December 20th. Virco Mfg.’s dividend payout ratio (DPR) is presently 6.45%.

Institutional Investors Weigh In On Virco Mfg.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in shares of Virco Mfg. in the 2nd quarter valued at approximately $545,000. Rhumbline Advisers acquired a new position in Virco Mfg. in the second quarter valued at approximately $190,000. American Century Companies Inc. grew its position in Virco Mfg. by 45.2% in the second quarter. American Century Companies Inc. now owns 276,298 shares of the company’s stock worth $3,852,000 after acquiring an additional 85,962 shares during the period. Dimensional Fund Advisors LP grew its position in Virco Mfg. by 11.9% in the second quarter. Dimensional Fund Advisors LP now owns 525,456 shares of the company’s stock worth $7,325,000 after acquiring an additional 55,689 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Virco Mfg. by 32.2% during the second quarter. Renaissance Technologies LLC now owns 399,130 shares of the company’s stock worth $5,564,000 after acquiring an additional 97,300 shares during the last quarter. 30.97% of the stock is currently owned by institutional investors and hedge funds.

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.