Acadian Asset Management LLC Purchases 174,704 Shares of Virco Mfg. Co. (NASDAQ:VIRC)

Acadian Asset Management LLC grew its position in Virco Mfg. Co. (NASDAQ:VIRC) by 67.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 435,068 shares of the company’s stock after purchasing an additional 174,704 shares during the quarter. Acadian Asset Management LLC’s holdings in Virco Mfg. were worth $6,060,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Rhumbline Advisers purchased a new stake in Virco Mfg. in the second quarter worth about $190,000. Ritholtz Wealth Management raised its holdings in shares of Virco Mfg. by 60.2% in the 2nd quarter. Ritholtz Wealth Management now owns 91,128 shares of the company’s stock valued at $1,270,000 after purchasing an additional 34,229 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Virco Mfg. in the 2nd quarter worth approximately $36,000. Panagora Asset Management Inc. bought a new position in shares of Virco Mfg. during the second quarter valued at approximately $559,000. Finally, Bank of New York Mellon Corp purchased a new position in Virco Mfg. during the second quarter valued at approximately $545,000. Institutional investors own 30.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wedbush restated an “outperform” rating and set a $19.00 target price (up previously from $16.00) on shares of Virco Mfg. in a report on Friday, June 7th. StockNews.com cut Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 25th.

Virco Mfg. Stock Up 3.1 %

Shares of VIRC stock opened at $14.46 on Thursday. The stock’s fifty day moving average price is $15.55 and its 200 day moving average price is $13.16. Virco Mfg. Co. has a 1-year low of $5.06 and a 1-year high of $18.50. The company has a market cap of $234.37 million, a price-to-earnings ratio of 9.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.30 and a quick ratio of 0.59.

Virco Mfg. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 20th will be given a $0.025 dividend. This is a positive change from Virco Mfg.’s previous quarterly dividend of $0.02. This represents a $0.10 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, September 20th. Virco Mfg.’s dividend payout ratio (DPR) is presently 6.41%.

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.