Virco Mfg. Co. (VIRC) to Issue Quarterly Dividend of $0.03 on April 11th

Virco Mfg. Co. (NASDAQ:VIRC) declared a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Stockholders of record on Wednesday, March 26th will be paid a dividend of 0.025 per share on Friday, April 11th. This represents a $0.10 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Wednesday, March 26th.

Virco Mfg. Trading Down 1.3 %

Shares of VIRC stock opened at $9.59 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The stock has a 50-day simple moving average of $10.61 and a 200 day simple moving average of $12.61. Virco Mfg. has a fifty-two week low of $9.08 and a fifty-two week high of $18.50. The stock has a market capitalization of $156.21 million, a P/E ratio of 6.19 and a beta of 0.76.

Virco Mfg. declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 21st that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on VIRC shares. StockNews.com lowered shares of Virco Mfg. from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Wedbush reissued an “outperform” rating and set a $17.00 price objective (down from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

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.