Virco Mfg. Co. (NASDAQ:VIRC) Sees Large Growth in Short Interest

Virco Mfg. Co. (NASDAQ:VIRC) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 459,400 shares, a growth of 22.7% from the May 31st total of 374,500 shares. Based on an average daily volume of 183,100 shares, the short-interest ratio is presently 2.5 days. Currently, 3.4% of the shares of the company are short sold.

Virco Mfg. Trading Up 0.9 %

Shares of Virco Mfg. stock opened at $13.94 on Monday. Virco Mfg. has a fifty-two week low of $3.85 and a fifty-two week high of $17.83. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.59 and a current ratio of 2.30. The company has a market cap of $225.97 million, a P/E ratio of 8.94 and a beta of 0.67. The firm has a 50-day simple moving average of $12.84 and a two-hundred day simple moving average of $11.61.

Virco Mfg. (NASDAQ:VIRC) last issued its quarterly earnings results on Friday, June 7th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.26. The company had revenue of $46.74 million for the quarter, compared to the consensus estimate of $37.70 million. Virco Mfg. had a return on equity of 28.41% and a net margin of 9.07%. As a group, equities analysts predict that Virco Mfg. will post 1.86 earnings per share for the current fiscal year.

Virco Mfg. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 21st will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Friday, June 21st. Virco Mfg.’s payout ratio is presently 5.13%.

Hedge Funds Weigh In On Virco Mfg.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC purchased a new stake in shares of Virco Mfg. during the third quarter worth about $74,000. Acadian Asset Management LLC purchased a new stake in Virco Mfg. during the 3rd quarter worth approximately $146,000. Minerva Advisors LLC raised its holdings in shares of Virco Mfg. by 12.2% during the third quarter. Minerva Advisors LLC now owns 1,079,874 shares of the company’s stock valued at $8,541,000 after acquiring an additional 117,662 shares during the last quarter. Heron Bay Capital Management purchased a new position in shares of Virco Mfg. in the fourth quarter valued at approximately $177,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Virco Mfg. in the fourth quarter worth approximately $309,000. 30.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $19.00 price objective (up previously from $16.00) on shares of Virco Mfg. in a report on Friday, June 7th. StockNews.com cut shares of Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 18th.

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.