Virco Manufacturing (NASDAQ:VIRC) Issues Earnings Results

Virco Manufacturing (NASDAQ:VIRC) issued its earnings results on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.55), Zacks reports. Virco Manufacturing had a net margin of 5.74% and a return on equity of 12.04%.

Virco Manufacturing Stock Down 8.3%

VIRC stock traded down $0.61 during midday trading on Monday, hitting $6.75. The company’s stock had a trading volume of 15,351 shares, compared to its average volume of 79,988. The firm has a 50-day simple moving average of $7.12 and a 200-day simple moving average of $7.81. The firm has a market capitalization of $106.38 million, a P/E ratio of 7.66 and a beta of 0.22. The company has a quick ratio of 1.38, a current ratio of 2.96 and a debt-to-equity ratio of 0.03. Virco Manufacturing has a 52-week low of $6.01 and a 52-week high of $14.79.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Virco Manufacturing in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Virco Manufacturing presently has an average rating of “Hold” and an average price target of $17.00.

Insiders Place Their Bets

In related news, EVP Douglas A. Virtue acquired 13,022 shares of Virco Manufacturing stock in a transaction dated Friday, October 17th. The shares were acquired at an average cost of $7.34 per share, for a total transaction of $95,581.48. Following the completion of the purchase, the executive vice president owned 861,839 shares in the company, valued at approximately $6,325,898.26. The trade was a 1.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert A. Virtue bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The stock was bought at an average price of $6.96 per share, with a total value of $34,800.00. Following the completion of the acquisition, the chief executive officer owned 493,324 shares of the company’s stock, valued at $3,433,535.04. This trade represents a 1.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 18.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Virco Manufacturing

Several hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in Virco Manufacturing by 25.7% in the first quarter. AQR Capital Management LLC now owns 317,915 shares of the company’s stock valued at $3,007,000 after acquiring an additional 64,944 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Virco Manufacturing by 207.2% in the 2nd quarter. Jane Street Group LLC now owns 41,090 shares of the company’s stock valued at $328,000 after purchasing an additional 27,716 shares during the last quarter. Empowered Funds LLC purchased a new position in Virco Manufacturing during the 1st quarter worth approximately $258,000. Squarepoint Ops LLC acquired a new stake in shares of Virco Manufacturing in the third quarter valued at approximately $158,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Virco Manufacturing by 32.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 82,517 shares of the company’s stock valued at $658,000 after acquiring an additional 20,004 shares during the period. Institutional investors and hedge funds own 30.97% of the company’s stock.

About Virco Manufacturing

Virco Mfg. Corporation engages in the design, production, and distribution of furniture in the United States and Canada. The company offers seating products, including 4-leg chairs, cantilever chairs, mobile task chairs and lab stools, tablet armchairs, steel-frame and floor rockers, series stools, hard plastic seating, folding and upholstered stack chairs, and plastic stack and upholstered ergonomic chairs.