Virco Mfg. Co. (NASDAQ:VIRC) Declares $0.03 Quarterly Dividend

Virco Mfg. Co. (NASDAQ:VIRC) declared a quarterly dividend on Monday, June 9th, Wall Street Journal reports. Investors of record on Friday, June 20th will be paid a dividend of 0.025 per share on Friday, July 11th. This represents a $0.10 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, June 20th.

Virco Mfg. has a payout ratio of 11.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Virco Mfg. to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 7.6%.

Virco Mfg. Trading Up 0.7%

VIRC stock traded up $0.06 during mid-day trading on Monday, reaching $8.44. 136,099 shares of the stock traded hands, compared to its average volume of 180,713. Virco Mfg. has a 52-week low of $8.00 and a 52-week high of $18.50. The stock’s fifty day moving average is $8.99 and its 200-day moving average is $10.46. The company has a market cap of $135.77 million, a P/E ratio of 5.45 and a beta of 0.34. 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. (NASDAQ:VIRC) last posted its quarterly earnings data on Friday, June 6th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.12. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. The firm had revenue of $33.75 million during the quarter, compared to analyst estimates of $41.10 million. During the same quarter last year, the business posted $0.13 EPS. As a group, sell-side analysts expect that Virco Mfg. will post 1.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Virco Mfg. during the 1st quarter worth about $186,000. Empowered Funds LLC acquired a new position in Virco Mfg. in the 1st quarter valued at approximately $258,000. Goldman Sachs Group Inc. lifted its position in Virco Mfg. by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock worth $594,000 after purchasing an additional 5,436 shares during the period. Finally, AQR Capital Management LLC raised its position in Virco Mfg. by 25.7% in the 1st quarter. AQR Capital Management LLC now owns 317,915 shares of the company’s stock valued at $3,007,000 after purchasing an additional 64,944 shares during the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Virco Mfg. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 22nd.

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.