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

Virco Mfg. (NASDAQ:VIRC) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Separately, Wedbush reiterated an “outperform” rating and issued a $17.00 target price (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

Virco Mfg. Trading Down 1.3 %

Shares of VIRC stock opened at $9.53 on Friday. The firm has a market capitalization of $155.23 million, a P/E ratio of 6.15 and a beta of 0.76. Virco Mfg. has a 1 year low of $9.08 and a 1 year high of $18.50. The firm’s fifty day simple moving average is $10.59 and its 200 day simple moving average is $12.47. 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. declared that its Board of Directors has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Virco Mfg.

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

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.