Virco Mfg. (NASDAQ:VIRC) Upgraded at StockNews.com

StockNews.com upgraded shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Separately, Wedbush restated an “outperform” rating and issued a $17.00 price target (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. Stock Down 3.7 %

Shares of NASDAQ:VIRC opened at $9.75 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. The company has a market cap of $158.82 million, a PE ratio of 6.29 and a beta of 0.76. Virco Mfg. has a 52 week low of $9.08 and a 52 week high of $18.50. The firm has a 50 day simple moving average of $10.60 and a 200 day simple moving average of $12.91.

Virco Mfg. (NASDAQ:VIRC) last issued its quarterly earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same quarter in the previous year, the company posted $0.62 earnings per share. As a group, research analysts expect that Virco Mfg. will post 1.54 earnings per share for the current year.

Virco Mfg. announced that its board has initiated a share repurchase program on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Virco Mfg.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc bought a new position in shares of Virco Mfg. during the 4th quarter valued at $30,000. Quantbot Technologies LP bought a new position in shares of Virco Mfg. during the 4th quarter valued at $70,000. Meeder Asset Management Inc. bought a new position in shares of Virco Mfg. during the 4th quarter valued at $72,000. MetLife Investment Management LLC raised its holdings in shares of Virco Mfg. by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock valued at $86,000 after purchasing an additional 3,511 shares in the last quarter. Finally, Virtus Investment Advisers Inc. bought a new position in shares of Virco Mfg. during the 3rd quarter valued at $90,000. Hedge funds and other institutional investors own 30.97% of the company’s stock.

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.