Virco Mfg. (NASDAQ:VIRC) Approves Share Repurchase Plan

Virco Mfg. (NASDAQ:VIRC) announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 21st, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently issued reports on VIRC. StockNews.com cut shares of Virco Mfg. from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Wedbush reiterated an “outperform” rating and issued a $17.00 price target (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

Virco Mfg. Stock Performance

Virco Mfg. stock opened at $11.10 on Thursday. Virco Mfg. has a 1-year low of $8.75 and a 1-year high of $18.50. The company’s 50-day moving average is $12.43 and its 200 day moving average is $14.14. The firm has a market capitalization of $180.82 million, a P/E ratio of 7.16 and a beta of 0.77. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70.

Virco Mfg. (NASDAQ:VIRC) last posted 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. Research analysts forecast that Virco Mfg. will post 1.54 EPS for the current year.

Virco Mfg. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were issued a dividend of $0.025 per share. The ex-dividend date was Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a yield of 0.90%. Virco Mfg.’s payout ratio is 6.45%.

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.