Virco Manufacturing (NASDAQ:VIRC) Issues Quarterly Earnings Results, Beats Expectations By $0.48 EPS

Virco Manufacturing (NASDAQ:VIRC) released its quarterly earnings results on Friday. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.48, Zacks reports. The business had revenue of $87.47 million during the quarter, compared to analysts’ expectations of $72.10 million. Virco Manufacturing had a negative return on equity of 0.16% and a negative net margin of 0.48%.

Virco Manufacturing Price Performance

Virco Manufacturing stock opened at $6.52 on Friday. The stock’s fifty day moving average price is $6.08 and its two-hundred day moving average price is $6.11. Virco Manufacturing has a one year low of $5.16 and a one year high of $8.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.71 and a quick ratio of 0.90. The firm has a market cap of $102.56 million, a PE ratio of -40.75 and a beta of 0.20.

Virco Manufacturing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.10 dividend on an annualized basis and a yield of 1.5%. Virco Manufacturing’s dividend payout ratio is currently -62.50%.

Wall Street Analyst Weigh In

VIRC has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Virco Manufacturing in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Virco Manufacturing from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Freedom Capital downgraded shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Insiders Place Their Bets

In related news, CEO Robert A. Virtue bought 4,300 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was purchased at an average cost of $6.22 per share, for a total transaction of $26,746.00. Following the transaction, the chief executive officer owned 506,124 shares in the company, valued at $3,148,091.28. The trade was a 0.86% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas A. Virtue purchased 8,083 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was bought at an average price of $6.00 per share, for a total transaction of $48,498.00. Following the transaction, the executive vice president directly owned 888,663 shares of the company’s stock, valued at $5,331,978. This trade represents a 0.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 13,788 shares of company stock valued at $83,674. Corporate insiders own 16.94% of the company’s stock.

Hedge Funds Weigh In On Virco Manufacturing

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bridgeway Capital Management LLC boosted its position in shares of Virco Manufacturing by 3.4% during the 2nd quarter. Bridgeway Capital Management LLC now owns 87,221 shares of the company’s stock worth $696,000 after acquiring an additional 2,882 shares in the last quarter. Trexquant Investment LP raised its position in Virco Manufacturing by 111.0% during the fourth quarter. Trexquant Investment LP now owns 53,145 shares of the company’s stock valued at $340,000 after purchasing an additional 27,963 shares in the last quarter. Jane Street Group LLC raised its position in Virco Manufacturing by 207.2% during the second quarter. Jane Street Group LLC now owns 41,090 shares of the company’s stock valued at $328,000 after purchasing an additional 27,716 shares in the last quarter. Empowered Funds LLC bought a new stake in Virco Manufacturing during the first quarter worth $258,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Virco Manufacturing by 16.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 40,404 shares of the company’s stock worth $258,000 after purchasing an additional 5,741 shares during the last quarter. 30.97% of the stock is currently owned by institutional investors and hedge funds.

About Virco Manufacturing

Virco Manufacturing Corporation (NASDAQ: VIRC) is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.

The company’s product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.