Virco Mfg. (NASDAQ:VIRC) Lowered to “Hold” Rating by StockNews.com

Virco Mfg. (NASDAQ:VIRC) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Separately, Wedbush reissued an “outperform” rating and set a $17.00 price objective (down from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. Price Performance

Shares of NASDAQ VIRC opened at $10.05 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88. The company has a 50 day simple moving average of $12.74 and a two-hundred day simple moving average of $14.19. Virco Mfg. has a fifty-two week low of $8.75 and a fifty-two week high of $18.50. The company has a market capitalization of $163.71 million, a price-to-earnings ratio of 6.48 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings data on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same period in the previous year, the firm posted $0.62 EPS. Analysts expect that Virco Mfg. will post 1.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC increased its holdings in Virco Mfg. by 32.2% in the 2nd quarter. Renaissance Technologies LLC now owns 399,130 shares of the company’s stock worth $5,564,000 after buying an additional 97,300 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Virco Mfg. by 45.2% in the second quarter. American Century Companies Inc. now owns 276,298 shares of the company’s stock worth $3,852,000 after acquiring an additional 85,962 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of Virco Mfg. in the third quarter worth approximately $1,153,000. Los Angeles Capital Management LLC purchased a new position in shares of Virco Mfg. during the third quarter valued at approximately $1,013,000. Finally, Dimensional Fund Advisors LP lifted its position in Virco Mfg. by 11.9% during the second quarter. Dimensional Fund Advisors LP now owns 525,456 shares of the company’s stock valued at $7,325,000 after purchasing an additional 55,689 shares during the period. Hedge funds and other institutional investors own 30.97% of the company’s stock.

Virco Mfg. Company Profile

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.