Bank of New York Mellon Corp Acquires 110,173 Shares of Virco Mfg. Co. (NASDAQ:VIRC)

Bank of New York Mellon Corp lifted its position in Virco Mfg. Co. (NASDAQ:VIRC - Free Report) by 311.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,530 shares of the company's stock after buying an additional 110,173 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.89% of Virco Mfg. worth $1,492,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. IFP Advisors Inc bought a new position in Virco Mfg. in the 4th quarter valued at $30,000. MetLife Investment Management LLC increased its stake in Virco Mfg. by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company's stock worth $86,000 after acquiring an additional 3,511 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new stake in shares of Virco Mfg. in the 3rd quarter valued at about $90,000. Walleye Capital LLC bought a new stake in shares of Virco Mfg. during the 3rd quarter valued at about $140,000. Finally, XTX Topco Ltd purchased a new position in shares of Virco Mfg. during the third quarter worth about $180,000. Hedge funds and other institutional investors own 30.97% of the company's stock.

Virco Mfg. Price Performance

NASDAQ:VIRC traded down $0.05 during mid-day trading on Wednesday, reaching $9.62. The stock had a trading volume of 39,781 shares, compared to its average volume of 188,520. The stock has a market capitalization of $156.70 million, a P/E ratio of 6.21 and a beta of 0.76. The firm has a 50 day moving average price of $10.62 and a two-hundred day moving average price of $12.54. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. Virco Mfg. Co. has a one year low of $9.08 and a one year high of $18.50.

Remove Ads

Virco Mfg. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Wednesday, March 26th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.04%. Virco Mfg.'s dividend payout ratio (DPR) is currently 6.45%.

Virco Mfg. declared that its Board of Directors has approved a share buyback program on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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 Wednesday, March 19th. 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.

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.