Virco Mfg. (NASDAQ:VIRC) to Repurchase $10.00 million in Shares

Virco Mfg. (NASDAQ:VIRC) declared that its Board of Directors has approved a stock buyback program on Tuesday, January 21st, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

VIRC has been the subject of several research analyst reports. StockNews.com lowered shares of Virco Mfg. from a “buy” rating to a “hold” rating in a research report on Friday. Wedbush reiterated an “outperform” rating and issued a $17.00 target price (down from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. Price Performance

Shares of NASDAQ VIRC traded up $1.30 during trading hours on Tuesday, reaching $11.35. 216,562 shares of the stock traded hands, compared to its average volume of 143,797. The company has a market capitalization of $184.89 million, a P/E ratio of 7.32 and a beta of 0.77. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. Virco Mfg. has a 52-week low of $8.75 and a 52-week high of $18.50. The company’s 50-day simple moving average is $12.52 and its two-hundred day simple moving average is $14.16.

Virco Mfg. (NASDAQ:VIRC) last posted its quarterly earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing the consensus estimate 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 company earned $0.62 EPS. Equities research analysts forecast that Virco Mfg. will post 1.54 EPS for the current year.

Virco Mfg. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 20th were paid a dividend of $0.025 per share. The ex-dividend date was Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.88%. Virco Mfg.’s dividend payout ratio (DPR) is currently 6.45%.

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.