Quartz Partners LLC Invests $883,000 in Virco Mfg. Co. (NASDAQ:VIRC)

Quartz Partners LLC acquired a new position in shares of Virco Mfg. Co. (NASDAQ:VIRC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 86,129 shares of the company's stock, valued at approximately $883,000. Quartz Partners LLC owned 0.53% of Virco Mfg. as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Virco Mfg. by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 240,844 shares of the company's stock worth $3,327,000 after purchasing an additional 6,710 shares in the last quarter. State Street Corp raised its stake in Virco Mfg. by 22.6% in the third quarter. State Street Corp now owns 170,300 shares of the company's stock valued at $2,356,000 after buying an additional 31,415 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Virco Mfg. in the third quarter valued at $1,153,000. Los Angeles Capital Management LLC bought a new position in Virco Mfg. in the 3rd quarter valued at about $1,013,000. Finally, JPMorgan Chase & Co. lifted its holdings in Virco Mfg. by 510.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company's stock worth $417,000 after purchasing an additional 25,269 shares during the last quarter. 30.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on VIRC shares. Wedbush restated an "outperform" rating and issued a $17.00 price target (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th. StockNews.com cut shares of Virco Mfg. from a "buy" rating to a "hold" rating in a research report on Tuesday, January 28th.

Virco Mfg. Stock Down 3.2 %

VIRC opened at $10.62 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The stock has a market cap of $172.99 million, a price-to-earnings ratio of 6.85 and a beta of 0.76. Virco Mfg. Co. has a twelve month low of $8.84 and a twelve month high of $18.50. The company's 50-day moving average price is $10.70 and its two-hundred day moving average price is $13.44.

Virco Mfg. (NASDAQ:VIRC - Get Free Report) last announced its earnings results on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned $0.62 EPS. As a group, equities analysts expect that Virco Mfg. Co. will post 1.54 earnings per share for the current year.

Virco Mfg. announced that its Board of Directors has approved a share repurchase 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 generally an indication that the company's leadership believes its stock is undervalued.

Virco Mfg. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend was Friday, December 20th. Virco Mfg.'s payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.