Virco Manufacturing Corp. (NASDAQ:VIRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Virco Mfg. Corporation designs, produces, and distributes quality furniture for the contract and education markets worldwide. Examples of facilities served by Virco include public and private schools, colleges and universities, convention centers, federal and state institutions, churches and other businesses. They also sell to wholesalers, distributors, retailers and catalog retailers. In order to divide the workload into manageable amounts, Virco has divided the sales force into two groups: Education and Commercial. “

Shares of Virco Manufacturing Corp. (NASDAQ:VIRC) traded up 0.95% on Tuesday, reaching $4.27. The company had a trading volume of 904 shares. The company has a 50-day moving average price of $4.28 and a 200-day moving average price of $3.86. The firm has a market cap of $64.81 million, a P/E ratio of 15.93 and a beta of 0.94. Virco Manufacturing Corp. has a one year low of $2.84 and a one year high of $4.94.

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Virco Manufacturing Corp. (NASDAQ:VIRC) last announced its quarterly earnings results on Wednesday, September 14th. The company reported $0.45 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.05. The company earned $61.40 million during the quarter. Virco Manufacturing Corp. had a net margin of 2.42% and a return on equity of 11.82%. On average, analysts expect that Virco Manufacturing Corp. will post $0.36 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in VIRC. Vanguard Group Inc. raised its stake in shares of Virco Manufacturing Corp. by 4.7% in the second quarter. Vanguard Group Inc. now owns 213,291 shares of the company’s stock valued at $928,000 after buying an additional 9,608 shares in the last quarter. Wedbush Securities Inc. raised its stake in shares of Virco Manufacturing Corp. by 1.0% in the second quarter. Wedbush Securities Inc. now owns 1,736,025 shares of the company’s stock valued at $7,552,000 after buying an additional 17,373 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Virco Manufacturing Corp. by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 25,413 shares of the company’s stock valued at $110,000 after buying an additional 80 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Virco Manufacturing Corp. by 0.9% in the first quarter. Renaissance Technologies LLC now owns 175,100 shares of the company’s stock valued at $539,000 after buying an additional 1,500 shares in the last quarter. 28.21% of the stock is currently owned by institutional investors and hedge funds.

About Virco Manufacturing Corp.

Virco Mfg. Corporation (Virco) is engaged in the designing, producing and distributing of furniture for a range family of customers. The Company is a manufacturer and supplier of moveable educational furniture and equipment for the preschool through 12th grade market in the United States. It manufactures an assortment of products, including mobile tables, mobile storage equipment, desks, computer furniture, chairs, folding chairs and folding tables.

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