Virco Mfg. (NASDAQ:VIRC) Rating Lowered to "Hold" at StockNews.com

Virco Mfg. (NASDAQ:VIRC - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday.

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

Virco Mfg. Price Performance

VIRC stock traded up $0.20 on Friday, hitting $10.00. 102,749 shares of the company's stock traded hands, compared to its average volume of 189,553. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. The stock has a market cap of $162.89 million, a price-to-earnings ratio of 6.45 and a beta of 0.41. Virco Mfg. has a 1-year low of $8.52 and a 1-year high of $18.50. The stock has a fifty day moving average of $10.24 and a 200-day moving average of $12.08.

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

Institutional Trading of Virco Mfg.

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its stake in Virco Mfg. by 749.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,619 shares of the company's stock worth $216,000 after acquiring an additional 13,781 shares in the last quarter. MetLife Investment Management LLC grew its position in Virco Mfg. by 129.1% during the third quarter. MetLife Investment Management LLC now owns 6,231 shares of the company's stock valued at $86,000 after purchasing an additional 3,511 shares in the last quarter. Walleye Capital LLC acquired a new position in Virco Mfg. in the 3rd quarter valued at approximately $140,000. Centiva Capital LP purchased a new stake in Virco Mfg. in the 3rd quarter worth approximately $386,000. Finally, State Street Corp grew its holdings in shares of Virco Mfg. by 22.6% during the 3rd quarter. State Street Corp now owns 170,300 shares of the company's stock valued at $2,356,000 after acquiring an additional 31,415 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.