Koss Olinger Consulting LLC Raises Stake in Virco Mfg. Co. (NASDAQ:VIRC)

Koss Olinger Consulting LLC lifted its position in shares of Virco Mfg. Co. (NASDAQ:VIRC) by 12.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 55,208 shares of the company’s stock after buying an additional 5,935 shares during the quarter. Koss Olinger Consulting LLC’s holdings in Virco Mfg. were worth $566,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. IFP Advisors Inc acquired a new stake in shares of Virco Mfg. in the fourth quarter worth approximately $30,000. MetLife Investment Management LLC boosted its position in shares of Virco Mfg. by 129.1% in the third quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock worth $86,000 after acquiring an additional 3,511 shares during the last quarter. Virtus Investment Advisers Inc. acquired a new stake in shares of Virco Mfg. in the third quarter worth approximately $90,000. Walleye Capital LLC acquired a new stake in shares of Virco Mfg. in the third quarter worth approximately $140,000. Finally, Principal Financial Group Inc. boosted its position in shares of Virco Mfg. by 11.4% in the fourth quarter. Principal Financial Group Inc. now owns 15,656 shares of the company’s stock worth $160,000 after acquiring an additional 1,604 shares during the last quarter. 30.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $17.00 target price (down from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th. StockNews.com raised shares of Virco Mfg. from a “hold” rating to a “buy” rating in a research report on Tuesday, March 11th.

Virco Mfg. Trading Up 0.7 %

Shares of VIRC stock opened at $9.78 on Wednesday. The stock has a market cap of $159.31 million, a price-to-earnings ratio of 6.31 and a beta of 0.76. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. Virco Mfg. Co. has a fifty-two week low of $9.08 and a fifty-two week high of $18.50. The firm’s 50 day moving average price is $10.59 and its two-hundred day moving average price is $12.71.

Virco Mfg. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th will be given a dividend of $0.025 per share. The ex-dividend date is Wednesday, March 26th. This represents a $0.10 dividend on an annualized basis and a yield of 1.02%. Virco Mfg.’s dividend payout ratio (DPR) is 6.45%.

Virco Mfg. declared that its Board of Directors has authorized a share repurchase plan on Tuesday, January 21st that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Virco Mfg.

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.