Virco Mfg. (NASDAQ:VIRC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Virco Mfg. (NASDAQ:VIRC - Free Report) from a hold rating to a buy rating in a report published on Saturday.

Separately, Wedbush reissued an "outperform" rating and set a $17.00 price objective (down from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. Stock Performance

Shares of VIRC stock traded down $0.12 during trading hours on Friday, hitting $9.38. The stock had a trading volume of 43,301 shares, compared to its average volume of 189,576. The stock's 50 day moving average is $10.51 and its 200 day moving average is $12.35. The firm has a market capitalization of $152.79 million, a PE ratio of 6.05 and a beta of 0.76. Virco Mfg. has a twelve month low of $9.08 and a twelve month high of $18.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70.

Virco Mfg. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 1.07%. The ex-dividend date is Wednesday, March 26th. Virco Mfg.'s dividend payout ratio is presently 6.45%.

Virco Mfg. declared that its Board of Directors has authorized a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Virco Mfg.

Several large investors have recently modified their holdings of the stock. Northern Trust Corp grew its position in Virco Mfg. by 0.9% in the 4th quarter. Northern Trust Corp now owns 93,719 shares of the company's stock valued at $961,000 after buying an additional 870 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Virco Mfg. by 11.4% in the fourth quarter. Principal Financial Group Inc. now owns 15,656 shares of the company's stock valued at $160,000 after acquiring an additional 1,604 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Virco Mfg. by 11.8% in the fourth quarter. Rhumbline Advisers now owns 16,653 shares of the company's stock valued at $171,000 after acquiring an additional 1,753 shares in the last quarter. Barclays PLC increased its stake in shares of Virco Mfg. by 15.1% during the fourth quarter. Barclays PLC now owns 16,633 shares of the company's stock worth $170,000 after acquiring an additional 2,188 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Virco Mfg. by 7.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 35,178 shares of the company's stock worth $361,000 after purchasing an additional 2,360 shares in the last quarter. Hedge funds and other institutional investors own 30.97% of the company's stock.

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.