Virco Manufacturing (NASDAQ:VIRC – Get Free Report) announced its quarterly earnings data on Friday. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.48, Zacks reports. Virco Manufacturing had a negative return on equity of 0.16% and a negative net margin of 0.48%.The firm had revenue of $87.47 million for the quarter, compared to analysts’ expectations of $72.10 million.
Virco Manufacturing Stock Up 7.8%
NASDAQ:VIRC opened at $6.52 on Friday. The firm has a market capitalization of $102.56 million, a PE ratio of -108.65 and a beta of 0.20. The stock has a 50 day moving average of $6.08 and a 200-day moving average of $6.11. Virco Manufacturing has a 52 week low of $5.16 and a 52 week high of $8.90. The company has a current ratio of 2.71, a quick ratio of 0.90 and a debt-to-equity ratio of 0.03.
Virco Manufacturing Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 18th. Virco Manufacturing’s payout ratio is presently -166.67%.
Wall Street Analyst Weigh In
Check Out Our Latest Analysis on Virco Manufacturing
Insider Buying and Selling
In related news, CEO Robert A. Virtue purchased 4,300 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average price of $6.22 per share, with a total value of $26,746.00. Following the acquisition, the chief executive officer owned 506,124 shares in the company, valued at approximately $3,148,091.28. This trade represents a 0.86% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Douglas A. Virtue acquired 8,083 shares of Virco Manufacturing stock in a transaction that occurred on Wednesday, July 8th. The shares were bought at an average price of $6.00 per share, with a total value of $48,498.00. Following the transaction, the executive vice president directly owned 888,663 shares in the company, valued at approximately $5,331,978. This trade represents a 0.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 13,788 shares of company stock worth $83,674 over the last quarter. Insiders own 16.94% of the company’s stock.
Hedge Funds Weigh In On Virco Manufacturing
Several institutional investors have recently modified their holdings of the company. 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 worth $3,007,000 after acquiring an additional 64,944 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Virco Manufacturing in the 1st quarter worth about $186,000. Goldman Sachs Group Inc. increased its stake in shares of Virco Manufacturing by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock valued at $594,000 after purchasing an additional 5,436 shares during the period. Empowered Funds LLC bought a new stake in shares of Virco Manufacturing during the first quarter valued at approximately $258,000. Finally, Geode Capital Management LLC boosted its position in shares of Virco Manufacturing by 5.8% during the second quarter. Geode Capital Management LLC now owns 257,034 shares of the company’s stock worth $2,051,000 after buying an additional 14,203 shares during the period. Institutional investors own 30.97% of the company’s stock.
About Virco Manufacturing
Virco Manufacturing Corporation (NASDAQ: VIRC) is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.
The company’s product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.
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