Zacks Investment Research Downgrades Virco Manufacturing Corp. (VIRC) to Sell
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. “
Virco Manufacturing Corp. (NASDAQ:VIRC) traded up 0.95% during mid-day trading on Tuesday, hitting $4.27. The stock had a trading volume of 396 shares. Virco Manufacturing Corp. has a 12-month low of $2.84 and a 12-month high of $4.94. The firm has a market cap of $64.81 million, a PE ratio of 15.93 and a beta of 0.94. The company has a 50-day moving average of $4.28 and a 200-day moving average of $3.86.
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Virco Manufacturing Corp. (NASDAQ:VIRC) last released its quarterly earnings data on Wednesday, September 14th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.50 by $0.05. Virco Manufacturing Corp. had a net margin of 2.42% and a return on equity of 11.82%. The company earned $61.40 million during the quarter. Analysts expect that Virco Manufacturing Corp. will post $0.36 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VIRC. Bank of New York Mellon Corp raised its position in 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 during the period. Renaissance Technologies LLC raised its position in 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 during the period. Vanguard Group Inc. raised its position in 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 during the period. Finally, Wedbush Securities Inc. raised its position in 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 during the period. 28.21% of the stock is currently owned by institutional investors.
Virco Manufacturing Corp. Company Profile
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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