Virco Mfg. Co. (NASDAQ:VIRC) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its holdings in Virco Mfg. Co. (NASDAQ:VIRC) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,178 shares of the company’s stock after purchasing an additional 2,360 shares during the period. Charles Schwab Investment Management Inc. owned about 0.22% of Virco Mfg. worth $361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Minerva Advisors LLC increased its position in shares of Virco Mfg. by 5.5% in the fourth quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company’s stock worth $11,870,000 after acquiring an additional 60,900 shares in the last quarter. Geode Capital Management LLC boosted its stake in Virco Mfg. by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock worth $3,327,000 after purchasing an additional 6,710 shares during the period. State Street Corp grew its position in Virco Mfg. by 22.6% during the 3rd quarter. State Street Corp now owns 170,300 shares of the company’s stock worth $2,356,000 after purchasing an additional 31,415 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Virco Mfg. by 311.6% during the 4th quarter. Bank of New York Mellon Corp now owns 145,530 shares of the company’s stock valued at $1,492,000 after purchasing an additional 110,173 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Virco Mfg. by 42.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 104,235 shares of the company’s stock valued at $1,068,000 after purchasing an additional 30,880 shares in the last quarter. 30.97% of the stock is currently owned by institutional investors.

Virco Mfg. Stock Up 0.4 %

VIRC stock opened at $9.50 on Wednesday. The stock has a market capitalization of $154.75 million, a price-to-earnings ratio of 6.13 and a beta of 0.76. The company has a 50-day moving average of $10.54 and a two-hundred day moving average of $12.37. Virco Mfg. Co. has a 52-week low of $9.08 and a 52-week high of $18.50. 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 repurchase plan on Tuesday, January 21st that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Virco Mfg. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Wednesday, March 26th will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Wednesday, March 26th. Virco Mfg.’s dividend payout ratio is currently 6.45%.

Analyst Ratings Changes

A number of research firms have recently issued reports on VIRC. StockNews.com raised shares of Virco Mfg. from a “hold” rating to a “buy” rating in a research report on Saturday. Wedbush reiterated an “outperform” rating and issued a $17.00 target price (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. 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.