Virco Mfg. (NASDAQ:VIRC) Cut to Hold at StockNews.com

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

Virco Mfg. Stock Up 1.4 %

Virco Mfg. stock traded up $0.13 during trading hours on Tuesday, hitting $9.35. 72,050 shares of the stock traded hands, compared to its average volume of 187,238. The company has a market cap of $150.41 million, a PE ratio of 6.03 and a beta of 0.41. The firm's 50-day moving average price is $9.95 and its two-hundred day moving average price is $11.84. Virco Mfg. has a one year low of $8.52 and a one year high of $18.50. 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 announced its quarterly earnings data on Monday, April 14th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $43.00 million. On average, research analysts forecast that Virco Mfg. will post 1.54 EPS for the current year.

Virco Mfg. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Wednesday, March 26th were given a $0.025 dividend. The ex-dividend date of this dividend was Wednesday, March 26th. This represents a $0.10 annualized dividend and a yield of 1.07%. Virco Mfg.'s dividend payout ratio (DPR) is presently 7.46%.

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

Institutional Trading of Virco Mfg.

Large investors have recently modified their holdings of the company. IFP Advisors Inc purchased a new position in shares of Virco Mfg. during the 4th quarter worth $30,000. Quantbot Technologies LP purchased a new position in Virco Mfg. during the fourth quarter valued at $70,000. Meeder Asset Management Inc. bought a new stake in Virco Mfg. during the fourth quarter valued at about $72,000. Quarry LP increased its position in Virco Mfg. by 810.2% in the fourth quarter. Quarry LP now owns 8,802 shares of the company's stock worth $90,000 after buying an additional 7,835 shares in the last quarter. Finally, Graham Capital Management L.P. bought a new position in shares of Virco Mfg. in the fourth quarter worth about $107,000. 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.