Meeder Asset Management Inc. Invests $72,000 in Virco Mfg. Co. (NASDAQ:VIRC)

Meeder Asset Management Inc. acquired a new stake in shares of Virco Mfg. Co. (NASDAQ:VIRC) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 7,047 shares of the company’s stock, valued at approximately $72,000.

A number of other hedge funds also recently made changes to their positions in the stock. IFP Advisors Inc purchased a new position in Virco Mfg. during the fourth quarter valued at approximately $30,000. Quantbot Technologies LP bought a new stake in shares of Virco Mfg. during the 4th quarter valued at $70,000. MetLife Investment Management LLC lifted its stake in shares of Virco Mfg. by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock valued at $86,000 after buying an additional 3,511 shares in the last quarter. Virtus Investment Advisers Inc. bought a new position in Virco Mfg. in the 3rd quarter worth $90,000. Finally, Walleye Capital LLC bought a new position in Virco Mfg. in the 3rd quarter worth $140,000. 30.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

VIRC has been the topic of several research analyst reports. StockNews.com upgraded Virco Mfg. from a “hold” rating to a “buy” rating in a research report on Saturday. Wedbush reissued an “outperform” rating and issued a $17.00 price target (down from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th.

Virco Mfg. Stock Performance

VIRC opened at $9.50 on Wednesday. The stock has a market capitalization of $154.75 million, a price-to-earnings ratio of 6.13 and a beta of 0.76. Virco Mfg. Co. has a fifty-two week low of $9.08 and a fifty-two week high of $18.50. 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 fifty day moving average of $10.54 and a 200 day moving average of $12.37.

Virco Mfg. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Wednesday, March 26th. This represents a $0.10 annualized dividend and a dividend yield of 1.05%. Virco Mfg.’s dividend payout ratio (DPR) is 6.45%.

Virco Mfg. declared that its Board of Directors has approved a share repurchase plan on Tuesday, January 21st that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.