Virco Mfg. Co. (NASDAQ:VIRC – Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.51 and traded as high as $15.16. Virco Mfg. shares last traded at $14.08, with a volume of 302,581 shares changing hands.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on VIRC. StockNews.com lowered Virco Mfg. from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 18th. Wedbush restated an “outperform” rating and set a $19.00 price objective (up previously from $16.00) on shares of Virco Mfg. in a research report on Friday, June 7th.
View Our Latest Report on VIRC
Virco Mfg. Price Performance
Virco Mfg. (NASDAQ:VIRC – Get Free Report) last announced its earnings results on Friday, June 7th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.26. The business had revenue of $46.74 million during the quarter, compared to the consensus estimate of $37.70 million. Virco Mfg. had a return on equity of 28.41% and a net margin of 9.07%. As a group, research analysts expect that Virco Mfg. Co. will post 1.86 earnings per share for the current fiscal year.
Virco Mfg. Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 21st will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Friday, June 21st. Virco Mfg.’s payout ratio is 5.13%.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in Virco Mfg. by 115.6% in the 1st quarter. Lazard Asset Management LLC now owns 3,450 shares of the company’s stock worth $37,000 after purchasing an additional 1,850 shares during the period. LSV Asset Management purchased a new stake in shares of Virco Mfg. in the first quarter valued at $90,000. Barclays PLC acquired a new stake in shares of Virco Mfg. in the third quarter worth $74,000. Russell Investments Group Ltd. purchased a new position in shares of Virco Mfg. during the fourth quarter valued at $160,000. Finally, Heron Bay Capital Management acquired a new position in Virco Mfg. during the fourth quarter valued at $177,000. 30.97% of the stock is owned by hedge funds and other institutional investors.
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.
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