Virco Mfg. Co. (VIRC) to Issue Quarterly Dividend of $0.03 on April 11th

Virco Mfg. Co. (NASDAQ:VIRC) declared a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Shareholders of record on Wednesday, March 26th will be paid a dividend of 0.025 per share on Friday, April 11th. This represents a $0.10 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Wednesday, March 26th.

Virco Mfg. Stock Performance

Shares of VIRC opened at $9.59 on Monday. The company has a 50-day moving average of $10.61 and a two-hundred day moving average of $12.61. The stock has a market cap of $156.21 million, a P/E ratio of 6.19 and a beta of 0.76. Virco Mfg. has a 12-month low of $9.08 and a 12-month high of $18.50. 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. announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VIRC. Wedbush reiterated an “outperform” rating and set a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th. StockNews.com cut shares of Virco Mfg. from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th.

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.