Virco Manufacturing (NASDAQ:VIRC) Releases Quarterly Earnings Results, Misses Estimates By $0.19 EPS

Virco Manufacturing (NASDAQ:VIRC) issued its quarterly earnings results on Wednesday. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.19), Zacks reports. The business had revenue of $30.69 million for the quarter, compared to the consensus estimate 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 Stock Performance

Shares of Virco Manufacturing stock opened at $5.69 on Friday. The firm has a market capitalization of $89.50 million, a P/E ratio of -94.82 and a beta of 0.21. The business’s fifty day simple moving average is $6.03 and its 200 day simple moving average is $6.33. The company has a current ratio of 3.09, a quick ratio of 1.31 and a debt-to-equity ratio of 0.03. Virco Manufacturing has a 12 month low of $5.16 and a 12 month high of $9.09.

Virco Manufacturing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, June 18th. Virco Manufacturing’s dividend payout ratio (DPR) is 58.82%.

Insider Activity

In other news, EVP Douglas A. Virtue bought 11,678 shares of the stock in a transaction on Wednesday, April 15th. The shares were purchased at an average cost of $6.09 per share, for a total transaction of $71,119.02. Following the completion of the purchase, the executive vice president directly owned 877,866 shares in the company, valued at $5,346,203.94. This represents a 1.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired 22,527 shares of company stock valued at $135,562 in the last 90 days. Insiders own 16.94% of the company’s stock.

Institutional Trading of Virco Manufacturing

Hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC raised its stake in shares of Virco Manufacturing by 3.4% in the fourth quarter. Bridgeway Capital Management LLC now owns 95,057 shares of the company’s stock valued at $607,000 after buying an additional 3,095 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Virco Manufacturing by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock valued at $594,000 after buying an additional 5,436 shares during the period. Trexquant Investment LP raised its stake in shares of Virco Manufacturing by 111.0% in the fourth quarter. Trexquant Investment LP now owns 53,145 shares of the company’s stock valued at $340,000 after buying an additional 27,963 shares during the period. Empowered Funds LLC bought a new stake in shares of Virco Manufacturing in the first quarter valued at $258,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Virco Manufacturing by 16.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 40,404 shares of the company’s stock valued at $258,000 after buying an additional 5,741 shares during the period. 30.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Freedom Capital lowered Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Thursday. Weiss Ratings lowered Virco Manufacturing from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 10th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce”.

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.