Sei Investments Co. Sells 47,485 Shares of Virco Mfg. Co. (NASDAQ:VIRC)

Sei Investments Co. lowered its stake in Virco Mfg. Co. (NASDAQ:VIRC - Free Report) by 69.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,041 shares of the company's stock after selling 47,485 shares during the quarter. Sei Investments Co. owned about 0.13% of Virco Mfg. worth $216,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. IFP Advisors Inc bought a new position in Virco Mfg. during the 4th quarter worth about $30,000. Quantbot Technologies LP acquired a new stake in Virco Mfg. in the 4th quarter valued at $70,000. XTX Topco Ltd acquired a new stake in shares of Virco Mfg. in the third quarter valued at about $180,000. Principal Financial Group Inc. bought a new stake in Virco Mfg. during the third quarter worth about $194,000. Finally, Barclays PLC grew its stake in Virco Mfg. by 25.8% in the third quarter. Barclays PLC now owns 14,445 shares of the company's stock valued at $200,000 after purchasing an additional 2,961 shares in the last quarter. Institutional investors and hedge funds own 30.97% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com raised Virco Mfg. from a "hold" rating to a "buy" rating in a report on Monday.

Virco Mfg. Stock Performance

Shares of VIRC traded up $0.13 during mid-day trading on Thursday, reaching $10.39. The company's stock had a trading volume of 9,359 shares, compared to its average volume of 100,625. The business has a 50-day simple moving average of $10.15 and a two-hundred day simple moving average of $11.99. Virco Mfg. Co. has a 1-year low of $8.52 and a 1-year high of $18.50. The stock has a market cap of $169.24 million, a P/E ratio of 6.70 and a beta of 0.41. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03.

Virco Mfg. (NASDAQ:VIRC - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.20). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. The firm had revenue of $28.47 million during the quarter, compared to analyst estimates of $43.00 million. As a group, equities research analysts anticipate that Virco Mfg. Co. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Wednesday, March 26th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Wednesday, March 26th. Virco Mfg.'s dividend payout ratio is currently 7.46%.

Virco Mfg. announced that its board has initiated a stock repurchase program on Tuesday, January 21st that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

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.