Virco Mfg. (NASDAQ:VIRC) Rating Lowered to Sell at Zacks Investment Research

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Virco Mfg. (NASDAQ:VIRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Virco Mfg. Corporation designs, produces, and distributes quality furniture for the contract and education markets worldwide. Examples of facilities served by Virco include public and private schools, colleges and universities, convention centers, federal and state institutions, churches and other businesses. They also sell to wholesalers, distributors, retailers and catalog retailers. In order to divide the workload into manageable amounts, Virco has divided the sales force into two groups: Education and Commercial. “

NASDAQ:VIRC opened at $4.10 on Friday. The company has a current ratio of 1.48, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. The stock’s 50-day simple moving average is $4.34. The company has a market capitalization of $64.03 million, a P/E ratio of -41.00 and a beta of 0.76. Virco Mfg. has a one year low of $3.70 and a one year high of $5.35.

Virco Mfg. (NASDAQ:VIRC) last posted its earnings results on Friday, June 14th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.06). The business had revenue of $26.89 million for the quarter, compared to the consensus estimate of $23.20 million. Virco Mfg. had a negative return on equity of 1.90% and a negative net margin of 0.54%. As a group, equities research analysts predict that Virco Mfg. will post 0.03 earnings per share for the current year.

A hedge fund recently raised its stake in Virco Mfg. stock. Wedbush Securities Inc. increased its position in shares of Virco Mfg. Co. (NASDAQ:VIRC) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,728,938 shares of the company’s stock after purchasing an additional 10,602 shares during the quarter. Virco Mfg. makes up about 0.8% of Wedbush Securities Inc.’s holdings, making the stock its 18th biggest position. Wedbush Securities Inc. owned approximately 11.12% of Virco Mfg. worth $7,486,000 at the end of the most recent reporting period. Institutional investors own 31.29% of the company’s stock.

Virco Mfg. Company Profile

Virco Mfg. Corporation engages in the design, production, and distribution of furniture for the commercial and education markets in the United States. It offers seating products, including 4-leg chairs, cantilever and tablet arm chairs, work surfaces and compact footprints, steel-frame rockers, stools, task and classroom chairs, stack and folding chairs, hard plastic seats, upholstered stack and ergonomic chairs, and plastic stack chairs.

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