StockNews.com downgraded shares of Virco Mfg. (NASDAQ:VIRC – Free Report) from a strong-buy rating to a buy rating in a report released on Thursday.
Separately, Wedbush reissued an outperform rating and issued a $19.00 price objective (up from $16.00) on shares of Virco Mfg. in a research note on Friday, June 7th.
Read Our Latest Research Report on Virco Mfg.
Virco Mfg. Stock Up 3.5 %
Virco Mfg. (NASDAQ:VIRC – Get Free Report) last issued its quarterly earnings data 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 business had revenue of $46.74 million for the quarter, compared to the consensus estimate of $37.70 million. As a group, research analysts predict that Virco Mfg. will post 1.86 EPS for the current year.
Virco Mfg. Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 21st were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Friday, June 21st. Virco Mfg.’s dividend payout ratio (DPR) is currently 5.13%.
Institutional Trading of Virco Mfg.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Virco Mfg. by 78.2% in the 1st quarter. Vanguard Group Inc. now owns 477,218 shares of the company’s stock valued at $5,216,000 after buying an additional 209,366 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Virco Mfg. by 47.1% in the 1st quarter. Acadian Asset Management LLC now owns 260,364 shares of the company’s stock valued at $2,843,000 after buying an additional 83,405 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in Virco Mfg. by 124.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 124,642 shares of the company’s stock valued at $1,362,000 after buying an additional 69,179 shares during the last quarter. Ancora Advisors LLC acquired a new stake in shares of Virco Mfg. during the 1st quarter worth approximately $917,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Virco Mfg. during the 1st quarter worth approximately $675,000. Institutional investors and hedge funds own 30.97% of the company’s stock.
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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