Virco Manufacturing Corporation (VIRC) to Issue Quarterly Dividend of $0.03 on July 11th

Virco Manufacturing Corporation (NASDAQ:VIRC) announced a quarterly dividend on Tuesday, June 3rd, Wall Street Journal reports. Stockholders of record on Friday, June 20th will be paid a dividend of 0.025 per share on Friday, July 11th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, June 20th.

Virco Manufacturing has a payout ratio of 11.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Virco Manufacturing to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 7.6%.

Virco Manufacturing Stock Up 3.3%

Shares of NASDAQ VIRC opened at $8.15 on Wednesday. The stock has a market capitalization of $128.28 million, a price-to-earnings ratio of 6.47 and a beta of 0.34. The company has a current ratio of 3.02, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $8.85 and its 200-day moving average price is $10.10. Virco Manufacturing has a 12-month low of $7.79 and a 12-month high of $18.50.

Virco Manufacturing (NASDAQ:VIRC) last issued its earnings results on Friday, June 6th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.12. The business had revenue of $33.75 million for the quarter, compared to the consensus estimate of $41.10 million. Virco Manufacturing had a net margin of 7.99% and a return on equity of 17.61%. During the same period in the prior year, the firm earned $0.13 EPS. On average, equities research analysts anticipate that Virco Manufacturing will post 1.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Virco Manufacturing from a “buy” rating to a “hold” rating in a research report on Tuesday, April 22nd.

Institutional Trading of Virco Manufacturing

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in shares of Virco Manufacturing by 25.7% in the 1st quarter. AQR Capital Management LLC now owns 317,915 shares of the company’s stock valued at $3,007,000 after acquiring an additional 64,944 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Virco Manufacturing by 9.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock valued at $594,000 after acquiring an additional 5,436 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Virco Manufacturing during the first quarter valued at approximately $258,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in Virco Manufacturing during the first quarter worth approximately $186,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.

Virco Manufacturing 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.