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 report issued on Saturday.

Separately, Wedbush reissued an “outperform” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

Virco Mfg. Trading Down 1.3 %

Virco Mfg. stock opened at $9.53 on Friday. Virco Mfg. has a 12-month low of $9.08 and a 12-month high of $18.50. The stock has a market capitalization of $155.23 million, a PE ratio of 6.15 and a beta of 0.76. The firm has a 50 day simple moving average of $10.59 and a 200-day simple moving average of $12.47. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.88 and a quick ratio of 1.70.

Virco Mfg. announced that its board has initiated a share buyback plan on Tuesday, January 21st that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Virco Mfg.

Several large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in shares of Virco Mfg. during the fourth quarter worth approximately $30,000. Quantbot Technologies LP bought a new stake in Virco Mfg. in the fourth quarter worth approximately $70,000. Meeder Asset Management Inc. acquired a new position in shares of Virco Mfg. during the 4th quarter valued at about $72,000. MetLife Investment Management LLC raised its position in shares of Virco Mfg. by 129.1% in the third quarter. MetLife Investment Management LLC now owns 6,231 shares of the company’s stock valued at $86,000 after purchasing an additional 3,511 shares during the period. Finally, Virtus Investment Advisers Inc. bought a new stake in shares of Virco Mfg. during the 3rd quarter worth $90,000. 30.97% of the stock is owned by institutional investors and hedge funds.

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.