Virco Manufacturing (NASDAQ:VIRC) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Virco Manufacturing (NASDAQ:VIRC) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

A number of other brokerages also recently issued reports on VIRC. Freedom Capital downgraded shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Virco Manufacturing in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce”.

Virco Manufacturing Trading Up 7.8%

Shares of Virco Manufacturing stock opened at $6.52 on Friday. The stock has a market capitalization of $102.56 million, a PE ratio of -40.75 and a beta of 0.20. The stock has a 50 day moving average price of $6.08 and a two-hundred day moving average price of $6.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 2.71. Virco Manufacturing has a 52 week low of $5.16 and a 52 week high of $8.90.

Virco Manufacturing (NASDAQ:VIRC) last issued its quarterly earnings data on Friday, September 4th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.48. The business had revenue of $87.47 million for the quarter, compared to analysts’ expectations of $72.10 million. Virco Manufacturing had a negative return on equity of 0.16% and a negative net margin of 0.48%.

Virco Manufacturing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 18th. Virco Manufacturing’s dividend payout ratio is currently -166.67%.

Insider Activity at Virco Manufacturing

In other news, EVP Douglas A. Virtue acquired 8,083 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were acquired at an average price of $6.00 per share, for a total transaction of $48,498.00. Following the completion of the purchase, the executive vice president owned 888,663 shares in the company, valued at approximately $5,331,978. This trade represents a 0.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert A. Virtue acquired 4,300 shares of Virco Manufacturing stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $6.22 per share, with a total value of $26,746.00. Following the completion of the acquisition, the chief executive officer owned 506,124 shares of the company’s stock, valued at $3,148,091.28. This trade represents a 0.86% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 13,788 shares of company stock valued at $83,674. 16.94% of the stock is currently owned by company insiders.

Institutional Trading of Virco Manufacturing

Several hedge funds and other institutional investors have recently modified their holdings of the business. Empowered Funds LLC increased its holdings in Virco Manufacturing by 4.9% during the 1st quarter. Empowered Funds LLC now owns 39,826 shares of the company’s stock worth $244,000 after acquiring an additional 1,869 shares during the period. Barclays PLC increased its stake in Virco Manufacturing by 16.4% in the fourth quarter. Barclays PLC now owns 17,665 shares of the company’s stock valued at $113,000 after acquiring an additional 2,495 shares during the last quarter. Bridgeway Capital Management LLC raised its position in Virco Manufacturing by 3.4% during the second quarter. Bridgeway Capital Management LLC now owns 87,221 shares of the company’s stock valued at $696,000 after purchasing an additional 2,882 shares in the last quarter. Geode Capital Management LLC raised its position in Virco Manufacturing by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 265,554 shares of the company’s stock valued at $1,697,000 after purchasing an additional 4,355 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Virco Manufacturing by 18.2% during the fourth quarter. Wells Fargo & Company MN now owns 28,777 shares of the company’s stock worth $184,000 after purchasing an additional 4,427 shares during the last quarter. Institutional investors own 30.97% of the company’s stock.

Virco Manufacturing Company Profile

Virco Manufacturing Corporation (NASDAQ: VIRC) is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.

The company’s product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.