Virco Manufacturing (NASDAQ:VIRC) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Virco Manufacturing Corporation (NASDAQ:VIRC) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.27 and traded as high as $6.35. Virco Manufacturing shares last traded at $6.11, with a volume of 58,074 shares changing hands.

Analysts Set New Price Targets

VIRC has been the subject of several recent analyst reports. Weiss Ratings cut shares of Virco Manufacturing from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, April 10th. Freedom Capital downgraded shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Virco Manufacturing Stock Down 0.2%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 2.71. The firm has a market capitalization of $96.11 million, a price-to-earnings ratio of -101.82 and a beta of 0.22. The firm has a fifty day moving average price of $6.05 and a 200 day moving average price of $6.27.

Virco Manufacturing (NASDAQ:VIRC) last issued its earnings results on Wednesday, June 3rd. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.19). The company had revenue of $30.69 million for the quarter, compared to analyst estimates of $27.20 million. Virco Manufacturing had a negative return on equity of 0.16% and a negative net margin of 0.48%.

Virco Manufacturing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 19th will be given a $0.025 dividend. The ex-dividend date is Thursday, June 18th. This represents a $0.10 annualized dividend and a dividend yield of 1.6%. Virco Manufacturing’s dividend payout ratio is currently -166.67%.

Insiders Place Their Bets

In other news, CEO Robert A. Virtue bought 4,300 shares of the stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $6.22 per share, with a total value of $26,746.00. Following the purchase, the chief executive officer owned 506,124 shares of the company’s stock, valued at approximately $3,148,091.28. The trade was a 0.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Douglas A. Virtue bought 11,678 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was acquired at an average price of $6.09 per share, with a total value of $71,119.02. Following the completion of the purchase, the executive vice president directly owned 877,866 shares of the company’s stock, valued at approximately $5,346,203.94. The trade was a 1.35% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 26,827 shares of company stock worth $162,308. 16.94% of the stock is owned by insiders.

Institutional Investors Weigh In On Virco Manufacturing

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Virco Manufacturing in the third quarter valued at approximately $41,000. State of Alaska Department of Revenue purchased a new stake in shares of Virco Manufacturing during the 4th quarter valued at $47,000. Barclays PLC increased its holdings in shares of Virco Manufacturing by 16.4% during the 4th quarter. Barclays PLC now owns 17,665 shares of the company’s stock worth $113,000 after buying an additional 2,495 shares during the last quarter. Park Edge Advisors LLC increased its holdings in shares of Virco Manufacturing by 12.9% during the 4th quarter. Park Edge Advisors LLC now owns 18,100 shares of the company’s stock worth $116,000 after buying an additional 2,072 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Virco Manufacturing in the 1st quarter worth $186,000. 30.97% of the stock is owned by institutional investors and hedge funds.

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.