Inspire Investing LLC Purchases New Shares in Virco Mfg. Co. (NASDAQ:VIRC)

Inspire Investing LLC purchased a new stake in Virco Mfg. Co. (NASDAQ:VIRC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 51,819 shares of the company’s stock, valued at approximately $722,000. Inspire Investing LLC owned about 0.32% of Virco Mfg. at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in Virco Mfg. by 11.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 525,456 shares of the company’s stock valued at $7,325,000 after purchasing an additional 55,689 shares during the last quarter. Vanguard Group Inc. raised its position in Virco Mfg. by 78.2% during the 1st quarter. Vanguard Group Inc. now owns 477,218 shares of the company’s stock worth $5,216,000 after buying an additional 209,366 shares during the last quarter. Acadian Asset Management LLC raised its position in Virco Mfg. by 67.1% during the 2nd quarter. Acadian Asset Management LLC now owns 435,068 shares of the company’s stock worth $6,060,000 after buying an additional 174,704 shares during the last quarter. Renaissance Technologies LLC raised its position in Virco Mfg. by 32.2% during the 2nd quarter. Renaissance Technologies LLC now owns 399,130 shares of the company’s stock worth $5,564,000 after buying an additional 97,300 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Virco Mfg. by 45.2% during the 2nd quarter. American Century Companies Inc. now owns 276,298 shares of the company’s stock worth $3,852,000 after buying an additional 85,962 shares during the last quarter. Hedge funds and other institutional investors own 30.97% of the company’s stock.

Virco Mfg. Stock Performance

NASDAQ:VIRC opened at $13.89 on Friday. The company has a quick ratio of 1.20, a current ratio of 2.26 and a debt-to-equity ratio of 0.04. Virco Mfg. Co. has a fifty-two week low of $5.71 and a fifty-two week high of $18.50. The stock has a market cap of $226.27 million, a PE ratio of 8.90 and a beta of 0.65. The firm’s fifty day simple moving average is $15.76 and its 200-day simple moving average is $13.35.

Virco Mfg. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 20th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, September 20th. This is a boost from Virco Mfg.’s previous quarterly dividend of $0.02. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.72%. Virco Mfg.’s dividend payout ratio is 5.13%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VIRC. StockNews.com downgraded shares of Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 25th. Wedbush restated an “outperform” rating and set a $19.00 price objective (up previously from $16.00) on shares of Virco Mfg. in a research report on Friday, June 7th.

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.