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

Virco Mfg. (NASDAQ:VIRC) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

Virco Mfg. Stock Up 0.9 %

VIRC stock opened at $10.12 on Monday. Virco Mfg. has a one year low of $8.52 and a one year high of $18.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. The firm’s fifty day moving average is $10.17 and its 200 day moving average is $12.00. The firm has a market cap of $164.84 million, a PE ratio of 6.53 and a beta of 0.41.

Virco Mfg. (NASDAQ:VIRC) last posted its earnings results on Monday, April 14th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.20). The business had revenue of $28.47 million for the quarter, compared to analyst estimates of $43.00 million. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. On average, research analysts forecast that Virco Mfg. will post 1.54 EPS for the current year.

Virco Mfg. announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Virco Mfg.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VIRC. IFP Advisors Inc acquired a new position in shares of Virco Mfg. during the 4th quarter worth about $30,000. Quantbot Technologies LP acquired a new position in shares of Virco Mfg. during the fourth quarter valued at approximately $70,000. Meeder Asset Management Inc. purchased a new position in shares of Virco Mfg. in the fourth quarter valued at approximately $72,000. Quarry LP boosted its stake in shares of 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 acquiring an additional 7,835 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new stake in shares of Virco Mfg. during the fourth quarter worth $107,000. 30.97% of the stock is owned by hedge funds and other 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.