Virco Mfg. (NASDAQ:VIRC) Given Outperform Rating at Wedbush

Virco Mfg. (NASDAQ:VIRC)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $17.00 price objective on the stock, down from their previous price objective of $20.00. Wedbush’s price target suggests a potential upside of 35.78% from the company’s previous close.

Virco Mfg. Trading Down 6.7 %

VIRC stock traded down $0.90 during midday trading on Tuesday, hitting $12.52. The stock had a trading volume of 373,900 shares, compared to its average volume of 216,335. The company has a current ratio of 2.26, a quick ratio of 1.20 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average price of $14.95 and a two-hundred day moving average price of $14.88. Virco Mfg. has a 1-year low of $8.28 and a 1-year high of $18.50. The firm has a market cap of $203.95 million, a P/E ratio of 7.59 and a beta of 0.68.

Virco Mfg. (NASDAQ:VIRC) last released its quarterly earnings data on Monday, December 9th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 9.50% and a return on equity of 27.88%. During the same quarter in the prior year, the business posted $0.62 earnings per share. On average, sell-side analysts predict that Virco Mfg. will post 1.93 earnings per share for the current fiscal year.

Institutional Trading of Virco Mfg.

A number of institutional investors and hedge funds have recently modified their holdings of VIRC. Barclays PLC grew its position in Virco Mfg. by 25.8% during the third quarter. Barclays PLC now owns 14,445 shares of the company’s stock valued at $200,000 after buying an additional 2,961 shares during the period. Geode Capital Management LLC increased its stake in shares of Virco Mfg. by 2.9% during 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 last quarter. XTX Topco Ltd purchased a new stake in shares of Virco Mfg. during the 3rd quarter worth approximately $180,000. Virtus Investment Advisers Inc. bought a new stake in shares of Virco Mfg. in the 3rd quarter worth approximately $90,000. Finally, State Street Corp grew its holdings in Virco Mfg. by 22.6% during the third quarter. State Street Corp now owns 170,300 shares of the company’s stock valued at $2,356,000 after purchasing an additional 31,415 shares during the period. 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.