Insider Buying: Virco Manufacturing (NASDAQ:VIRC) CEO Buys 4,300 Shares of Stock

Virco Manufacturing Corporation (NASDAQ:VIRC) CEO Robert Virtue acquired 4,300 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $6.22 per share, with a total value of $26,746.00. Following the acquisition, the chief executive officer directly owned 506,124 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website.

Virco Manufacturing Price Performance

Shares of VIRC traded down $0.08 during midday trading on Monday, hitting $6.40. 28,795 shares of the company traded hands, compared to its average volume of 44,068. The firm has a 50 day moving average of $6.02 and a 200-day moving average of $6.30. Virco Manufacturing Corporation has a 52 week low of $5.16 and a 52 week high of $9.09. The stock has a market cap of $100.70 million, a price-to-earnings ratio of -106.73 and a beta of 0.21. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 2.71.

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

Virco Manufacturing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.6%. Virco Manufacturing’s dividend payout ratio (DPR) is -166.67%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VIRC. Weiss Ratings lowered shares of Virco Manufacturing from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 10th. Freedom Capital lowered shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Virco Manufacturing in the third quarter valued at $41,000. State of Alaska Department of Revenue bought a new stake in Virco Manufacturing in the fourth quarter worth $47,000. Barclays PLC lifted its position in Virco Manufacturing by 16.4% in the fourth 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 lifted its position in Virco Manufacturing by 12.9% in the fourth 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, Squarepoint Ops LLC bought a new stake in Virco Manufacturing in the third quarter worth $158,000. 30.97% of the stock is owned by hedge funds and other institutional investors.

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.