Bank of New York Mellon Corp Invests $545,000 in Virco Mfg. Co. (NASDAQ:VIRC)

Bank of New York Mellon Corp acquired a new stake in Virco Mfg. Co. (NASDAQ:VIRC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 39,119 shares of the company’s stock, valued at approximately $545,000. Bank of New York Mellon Corp owned about 0.24% of Virco Mfg. at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Lazard Asset Management LLC boosted its stake in shares of Virco Mfg. by 115.6% during the 1st quarter. Lazard Asset Management LLC now owns 3,450 shares of the company’s stock worth $37,000 after acquiring an additional 1,850 shares in the last quarter. LSV Asset Management acquired a new position in Virco Mfg. during the first quarter valued at approximately $90,000. SG Americas Securities LLC bought a new position in shares of Virco Mfg. in the second quarter valued at approximately $127,000. Bailard Inc. bought a new position in shares of Virco Mfg. in the second quarter valued at approximately $240,000. Finally, Park Edge Advisors LLC acquired a new stake in shares of Virco Mfg. in the first quarter worth $257,000. 30.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on VIRC. StockNews.com lowered shares of Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 25th. Wedbush reaffirmed an “outperform” rating and issued a $19.00 price target (up from $16.00) on shares of Virco Mfg. in a research report on Friday, June 7th.

Virco Mfg. Stock Up 0.6 %

Shares of VIRC stock opened at $13.97 on Tuesday. Virco Mfg. Co. has a 12 month low of $5.82 and a 12 month high of $18.50. The company has a quick ratio of 1.20, a current ratio of 2.26 and a debt-to-equity ratio of 0.04. The firm has a market cap of $226.43 million, a PE ratio of 8.96 and a beta of 0.65. The stock has a 50 day moving average of $15.70 and a 200-day moving average of $13.46.

Virco Mfg. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 20th will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Friday, September 20th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.72%. This is a positive change from Virco Mfg.’s previous quarterly dividend of $0.02. Virco Mfg.’s dividend payout ratio is currently 6.41%.

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.