Wall Street Zen upgraded shares of Virco Manufacturing (NASDAQ:VIRC – Free Report) from a sell rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.
Several other brokerages also recently commented on VIRC. Freedom Capital downgraded shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Virco Manufacturing in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.
Get Our Latest Analysis on VIRC
Virco Manufacturing Price Performance
Virco Manufacturing (NASDAQ:VIRC – Get Free Report) last announced its quarterly earnings results on Friday, September 4th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.48. Virco Manufacturing had a negative return on equity of 2.34% and a negative net margin of 1.31%.The firm had revenue of $87.47 million for the quarter, compared to analysts’ expectations of $72.10 million.
Virco Manufacturing Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a $0.025 dividend. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.5%. Virco Manufacturing’s dividend payout ratio is -62.50%.
Insider Activity
In related news, CEO Robert A. Virtue acquired 4,300 shares of Virco Manufacturing stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $6.22 per share, with a total value of $26,746.00. Following the completion of the purchase, the chief executive officer owned 506,124 shares of the company’s stock, valued at $3,148,091.28. This represents a 0.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Douglas A. Virtue acquired 8,083 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was bought at an average price of $6.00 per share, for a total transaction of $48,498.00. Following the acquisition, the executive vice president owned 888,663 shares of the company’s stock, valued at approximately $5,331,978. This trade represents a 0.92% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 13,788 shares of company stock valued at $83,674. Company insiders own 16.94% of the company’s stock.
Institutional Trading of Virco Manufacturing
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Virco Manufacturing in the second quarter worth about $860,000. Bank of New York Mellon Corp bought a new position in Virco Manufacturing during the 2nd quarter valued at approximately $635,000. Minerva Advisors LLC raised its position in Virco Manufacturing by 6.3% during the 4th quarter. Minerva Advisors LLC now owns 1,448,198 shares of the company’s stock valued at $9,254,000 after purchasing an additional 85,696 shares during the last quarter. AQR Capital Management LLC lifted its holdings in 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 buying an additional 64,944 shares during the period. Finally, Susquehanna International Group LLP lifted its holdings in Virco Manufacturing by 564.4% in the 2nd quarter. Susquehanna International Group LLP now owns 68,437 shares of the company’s stock worth $420,000 after buying an additional 58,137 shares during the period. Institutional investors own 30.97% of the company’s stock.
Virco Manufacturing Company Profile
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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