Bank of New York Mellon Corp Lowers Stock Position in Virco Manufacturing Corporation (NASDAQ:VIRC)

Bank of New York Mellon Corp decreased its stake in shares of Virco Manufacturing Corporation (NASDAQ:VIRC) by 1.6% during the first quarter, HoldingsChannel reports. The firm owned 143,195 shares of the company’s stock after selling 2,335 shares during the quarter. Bank of New York Mellon Corp’s holdings in Virco Manufacturing were worth $1,355,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of Virco Manufacturing 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 purchasing an additional 2,360 shares during the last quarter. Quantbot Technologies LP acquired a new position in Virco Manufacturing during the fourth quarter valued at approximately $70,000. American Century Companies Inc. lifted its position in shares of Virco Manufacturing by 15.4% during the fourth quarter. American Century Companies Inc. now owns 453,107 shares of the company’s stock worth $4,644,000 after purchasing an additional 60,403 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Virco Manufacturing by 28.5% in the fourth quarter. JPMorgan Chase & Co. now owns 38,828 shares of the company’s stock valued at $398,000 after acquiring an additional 8,607 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of Virco Manufacturing during the fourth quarter worth about $72,000. Institutional investors and hedge funds own 30.97% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Virco Manufacturing from a “buy” rating to a “hold” rating in a report on Tuesday, April 22nd.

Virco Manufacturing Stock Performance

Shares of NASDAQ:VIRC opened at $8.10 on Thursday. The company has a current ratio of 3.02, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $127.49 million, a P/E ratio of 6.43 and a beta of 0.31. The business has a 50-day moving average price of $8.17 and a two-hundred day moving average price of $9.36. Virco Manufacturing Corporation has a 1-year low of $7.78 and a 1-year high of $18.50.

Virco Manufacturing (NASDAQ:VIRC) last released its quarterly earnings data on Friday, June 6th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.12. The company had revenue of $33.75 million during the quarter, compared to the consensus estimate of $41.10 million. Virco Manufacturing had a return on equity of 17.61% and a net margin of 7.99%. During the same quarter in the prior year, the firm posted $0.13 EPS. Equities analysts predict that Virco Manufacturing Corporation will post 1.54 earnings per share for the current year.

Virco Manufacturing Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 20th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Friday, June 20th. Virco Manufacturing’s dividend payout ratio is currently 7.94%.

Virco Manufacturing 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.