StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC – Free Report) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.
Separately, Wedbush reaffirmed an outperform rating and set a $19.00 target price (up from $16.00) on shares of Virco Mfg. in a research report on Friday, June 7th.
Get Our Latest Stock Analysis on VIRC
Virco Mfg. Trading Down 1.8 %
Virco Mfg. (NASDAQ:VIRC – Get Free Report) last issued its earnings results on Friday, June 7th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.26. Virco Mfg. had a return on equity of 28.41% and a net margin of 9.07%. The firm had revenue of $46.74 million for the quarter, compared to the consensus estimate of $37.70 million. Equities analysts predict that Virco Mfg. will post 1.86 EPS for the current fiscal year.
Virco Mfg. Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 21st will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, June 21st. Virco Mfg.’s dividend payout ratio (DPR) is presently 5.13%.
Institutional Trading of Virco Mfg.
Several large investors have recently made changes to their positions in the company. Lazard Asset Management LLC grew its stake in shares of Virco Mfg. by 115.6% in the 1st quarter. Lazard Asset Management LLC now owns 3,450 shares of the company’s stock valued at $37,000 after buying an additional 1,850 shares during the period. LSV Asset Management acquired a new position in Virco Mfg. during the 1st quarter valued at about $90,000. Barclays PLC acquired a new position in Virco Mfg. during the 3rd quarter valued at about $74,000. Russell Investments Group Ltd. acquired a new position in Virco Mfg. during the 4th quarter valued at about $160,000. Finally, Heron Bay Capital Management acquired a new position in Virco Mfg. during the 4th quarter valued at about $177,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.
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.
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