Quarry LP Has $90,000 Stock Position in Virco Mfg. Co. (NASDAQ:VIRC)

Quarry LP raised its stake in Virco Mfg. Co. (NASDAQ:VIRC) by 810.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,802 shares of the company’s stock after buying an additional 7,835 shares during the period. Quarry LP’s holdings in Virco Mfg. were worth $90,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in VIRC. IFP Advisors Inc acquired a new stake in Virco Mfg. in the fourth quarter valued at approximately $30,000. Quantbot Technologies LP acquired a new position in Virco Mfg. during the 4th quarter worth about $70,000. Meeder Asset Management Inc. bought a new stake in shares of Virco Mfg. in the 4th quarter valued at about $72,000. Boothbay Fund Management LLC acquired a new stake in shares of Virco Mfg. in the fourth quarter valued at about $113,000. Finally, Principal Financial Group Inc. raised its position in shares of Virco Mfg. by 11.4% during the fourth quarter. Principal Financial Group Inc. now owns 15,656 shares of the company’s stock worth $160,000 after acquiring an additional 1,604 shares during the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Virco Mfg. from a “buy” rating to a “hold” rating in a report on Tuesday, April 22nd.

Virco Mfg. Trading Up 0.8 %

Shares of VIRC stock opened at $9.31 on Wednesday. Virco Mfg. Co. has a fifty-two week low of $8.52 and a fifty-two week high of $18.50. 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 stock has a 50 day simple moving average of $9.84 and a two-hundred day simple moving average of $11.72. The company has a market cap of $149.77 million, a P/E ratio of 6.01 and a beta of 0.41.

Virco Mfg. (NASDAQ:VIRC) last posted its quarterly earnings results on Monday, April 14th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.20). The company had revenue of $28.47 million during the quarter, compared to analyst estimates of $43.00 million. Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. Research analysts forecast that Virco Mfg. Co. will post 1.54 earnings per share for the current year.

Virco Mfg. declared that its board has authorized a stock buyback program on Tuesday, January 21st that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Virco Mfg. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th were issued a dividend of $0.025 per share. The ex-dividend date of this dividend was Wednesday, March 26th. This represents a $0.10 annualized dividend and a dividend yield of 1.07%. Virco Mfg.’s dividend payout ratio is 7.46%.

Virco Mfg. 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.