StockNews.com Upgrades Virco Mfg. (NASDAQ:VIRC) to Buy

Virco Mfg. (NASDAQ:VIRC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Separately, Wedbush reaffirmed 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. Price Performance

Shares of NASDAQ VIRC opened at $10.12 on Tuesday. Virco Mfg. has a 52 week low of $9.08 and a 52 week high of $18.50. The business’s 50 day moving average price is $10.60 and its 200 day moving average price is $12.91. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The firm has a market cap of $164.84 million, a P/E ratio of 6.53 and a beta of 0.76.

Virco Mfg. (NASDAQ:VIRC) last announced its quarterly earnings data on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same quarter last year, the firm earned $0.62 EPS. On average, sell-side analysts expect that Virco Mfg. will post 1.54 earnings per share for the current year.

Virco Mfg. announced that its Board of Directors has initiated a share buyback program on Tuesday, January 21st that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Virco Mfg.

Several hedge funds have recently modified their holdings of VIRC. IFP Advisors Inc purchased a new stake in shares of Virco Mfg. in the fourth quarter valued at approximately $30,000. MetLife Investment Management LLC grew its stake in Virco Mfg. by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock valued at $86,000 after acquiring an additional 3,511 shares during the period. Virtus Investment Advisers Inc. purchased a new stake in Virco Mfg. in the 3rd quarter worth $90,000. Quantbot Technologies LP acquired a new position in Virco Mfg. during the fourth quarter worth $70,000. Finally, Meeder Asset Management Inc. purchased a new position in Virco Mfg. during the fourth quarter valued at $72,000. 30.97% of the stock is owned by hedge funds and other institutional investors.

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.