Virco Mfg. (NASDAQ:VIRC) to Buyback $10.00 million in Stock

Virco Mfg. (NASDAQ:VIRC) announced that its board has authorized a stock buyback plan on Tuesday, January 21st, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VIRC. Wedbush reiterated an “outperform” rating and set a $17.00 price target (down previously from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th. StockNews.com downgraded Virco Mfg. from a “buy” rating to a “hold” rating in a report on Friday.

Virco Mfg. Stock Up 12.9 %

VIRC stock traded up $1.30 during mid-day trading on Tuesday, reaching $11.35. 216,562 shares of the company traded hands, compared to its average volume of 143,797. Virco Mfg. has a fifty-two week low of $8.75 and a fifty-two week high of $18.50. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The firm’s 50 day moving average price is $12.52 and its 200 day moving average price is $14.16. The stock has a market cap of $184.89 million, a price-to-earnings ratio of 7.32 and a beta of 0.77.

Virco Mfg. (NASDAQ:VIRC) last issued its quarterly earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same period in the previous year, the company earned $0.62 EPS. As a group, equities research analysts predict that Virco Mfg. will post 1.54 EPS for the current fiscal year.

Virco Mfg. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were given a dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.10 dividend on an annualized basis and a yield of 0.88%. Virco Mfg.’s dividend payout ratio is presently 6.45%.

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.