Virco Mfg. (NASDAQ:VIRC) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a strong sell rating in a research note released on Wednesday, September 19th.

According to Zacks, “Virco Mfg. Corporation designs, produces, and distributes quality furniture for the contract and education markets worldwide. Examples of facilities served by Virco include public and private schools, colleges and universities, convention centers, federal and state institutions, churches and other businesses. They also sell to wholesalers, distributors, retailers and catalog retailers. In order to divide the workload into manageable amounts, Virco has divided the sales force into two groups: Education and Commercial. “

Separately, ValuEngine upgraded Virco Mfg. from a sell rating to a hold rating in a report on Wednesday, June 6th.

NASDAQ:VIRC traded down $0.11 during mid-day trading on Wednesday, reaching $4.20. 2,051 shares of the company’s stock traded hands, compared to its average volume of 9,391. Virco Mfg. has a 12-month low of $3.70 and a 12-month high of $5.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.46 and a quick ratio of 0.65. The company has a market cap of $75.38 million, a PE ratio of -20.00 and a beta of 0.24.

Virco Mfg. (NASDAQ:VIRC) last posted its earnings results on Friday, September 14th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.17). Virco Mfg. had a negative return on equity of 6.91% and a negative net margin of 2.16%. The firm had revenue of $74.80 million for the quarter, compared to analysts’ expectations of $85.70 million. Analysts expect that Virco Mfg. will post 0.24 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Investors of record on Wednesday, September 26th were paid a $0.015 dividend. The ex-dividend date was Tuesday, September 25th. This represents a $0.06 annualized dividend and a dividend yield of 1.43%. Virco Mfg.’s payout ratio is currently -28.57%.

A hedge fund recently raised its stake in Virco Mfg. stock. Mill Road Capital Management LLC increased its stake in Virco Mfg. Co. (NASDAQ:VIRC) by 16.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,310 shares of the company’s stock after buying an additional 33,481 shares during the period. Virco Mfg. accounts for about 0.6% of Mill Road Capital Management LLC’s holdings, making the stock its 10th largest holding. Mill Road Capital Management LLC owned 1.56% of Virco Mfg. worth $1,057,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 30.85% of the company’s stock.

About Virco Mfg.

Virco Mfg. Corporation engages in the design, production, and distribution of furniture for the commercial and education markets in the United States. It offers seating products, including 4-leg chairs, cantilever and tablet arm chairs, work surfaces and compact footprints, steel-frame rockers, stools, task and classroom chairs, stack and folding chairs, hard plastic seats, upholstered stack and ergonomic chairs, and plastic stack chairs.

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