Los Angeles Capital Management LLC raised its position in Virco Mfg. Co. (NASDAQ:VIRC - Free Report) by 42.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 104,235 shares of the company's stock after purchasing an additional 30,880 shares during the period. Los Angeles Capital Management LLC owned 0.64% of Virco Mfg. worth $1,068,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. IFP Advisors Inc purchased a new stake in Virco Mfg. during the 4th quarter valued at about $30,000. MetLife Investment Management LLC boosted its holdings in shares of Virco Mfg. by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company's stock worth $86,000 after purchasing an additional 3,511 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new stake in shares of Virco Mfg. in the third quarter valued at approximately $90,000. Walleye Capital LLC acquired a new stake in shares of Virco Mfg. in the third quarter valued at approximately $140,000. Finally, Creative Planning purchased a new position in Virco Mfg. during the third quarter worth approximately $159,000. Hedge funds and other institutional investors own 30.97% of the company's stock.
Analysts Set New Price Targets
A number of analysts have issued reports on the company. 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 lowered shares of Virco Mfg. from a "buy" rating to a "hold" rating in a report on Tuesday, January 28th.
Get Our Latest Stock Analysis on Virco Mfg.
Virco Mfg. Trading Up 4.5 %
VIRC stock traded up $0.45 during midday trading on Wednesday, hitting $10.51. 135,759 shares of the company's stock were exchanged, compared to its average volume of 119,616. Virco Mfg. Co. has a 1-year low of $9.08 and a 1-year high of $18.50. The business has a 50-day simple moving average of $10.62 and a two-hundred day simple moving average of $13.16. The stock has a market capitalization of $171.20 million, a PE ratio of 6.78 and a beta of 0.76. 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, December 9th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. During the same quarter last year, the business earned $0.62 earnings per share. On average, sell-side analysts predict that Virco Mfg. Co. will post 1.54 EPS for the current fiscal year.
Virco Mfg. Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 20th were paid a $0.025 dividend. The ex-dividend date was Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.95%. Virco Mfg.'s payout ratio is presently 6.45%.
Virco Mfg. declared that its Board of Directors has approved a share repurchase plan on Tuesday, January 21st that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.
About Virco Mfg.
(
Free Report)
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.
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