JPMorgan Chase & Co. Has $417,000 Stake in Virco Mfg. Co. (NASDAQ:VIRC)

JPMorgan Chase & Co. boosted its position in shares of Virco Mfg. Co. (NASDAQ:VIRC - Free Report) by 510.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,221 shares of the company's stock after buying an additional 25,269 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.19% of Virco Mfg. worth $417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in VIRC. MetLife Investment Management LLC grew its position in shares of Virco Mfg. by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company's stock valued at $86,000 after purchasing an additional 3,511 shares during the period. Virtus Investment Advisers Inc. acquired a new position in shares of Virco Mfg. in the third quarter valued at approximately $90,000. Walleye Capital LLC acquired a new position in shares of Virco Mfg. in the third quarter valued at approximately $140,000. Creative Planning bought a new stake in shares of Virco Mfg. during the third quarter worth $159,000. Finally, Algert Global LLC raised its holdings in shares of Virco Mfg. by 17.2% during the second quarter. Algert Global LLC now owns 12,158 shares of the company's stock worth $169,000 after acquiring an additional 1,785 shares during the period. 30.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on VIRC. Wedbush reaffirmed an "outperform" rating and issued a $17.00 target price (down from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th. StockNews.com cut Virco Mfg. from a "buy" rating to a "hold" rating in a research report on Tuesday.

Virco Mfg. Stock Up 0.6 %

Shares of NASDAQ VIRC traded up $0.07 during trading hours on Thursday, hitting $11.02. The company had a trading volume of 119,937 shares, compared to its average volume of 131,328. The stock has a market capitalization of $179.52 million, a P/E ratio of 7.11 and a beta of 0.77. Virco Mfg. Co. has a 1-year low of $8.75 and a 1-year high of $18.50. The firm's 50 day moving average is $12.03 and its 200-day moving average is $14.05. 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. (NASDAQ:VIRC - Get Free Report) last announced its quarterly earnings data on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same quarter in the prior year, the company posted $0.62 earnings per share. On average, analysts expect that Virco Mfg. Co. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were paid a $0.025 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.10 annualized dividend and a yield of 0.91%. Virco Mfg.'s dividend payout ratio is 6.45%.

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

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.