StockNews.com Upgrades Virco Mfg. (NASDAQ:VIRC) to “Buy”

StockNews.com upgraded shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a buy rating in a research note released on Thursday.

Separately, Wedbush restated 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.

Virco Mfg. Trading Down 1.3 %

NASDAQ:VIRC opened at $9.55 on Thursday. Virco Mfg. has a 12 month low of $8.75 and a 12 month high of $18.50. The business’s 50-day moving average is $13.39 and its two-hundred day moving average is $14.37. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.20. The firm has a market capitalization of $155.56 million, a PE ratio of 6.16 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last announced its earnings results 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 net margin of 8.93% and a return on equity of 24.63%. During the same period in the previous year, the company earned $0.62 EPS. Research analysts predict that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a yield of 1.05%. Virco Mfg.’s dividend payout ratio (DPR) is presently 6.45%.

Hedge Funds Weigh In On Virco Mfg.

A number of institutional investors have recently made changes to their positions in the business. MetLife Investment Management LLC increased its stake in shares of Virco Mfg. by 129.1% in the third quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock worth $86,000 after buying an additional 3,511 shares during the last quarter. Virtus Investment Advisers Inc. bought a new position in Virco Mfg. during the 3rd quarter valued at $90,000. Walleye Capital LLC acquired a new position in Virco Mfg. during the 3rd quarter worth $140,000. Creative Planning bought a new stake in shares of Virco Mfg. in the 3rd quarter worth about $159,000. Finally, Algert Global LLC raised its stake in shares of Virco Mfg. by 17.2% in the 2nd quarter. Algert Global LLC now owns 12,158 shares of the company’s stock valued at $169,000 after purchasing an additional 1,785 shares in the last quarter. 30.97% of the stock is owned by institutional investors and hedge funds.

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.