Virco Mfg. Co. (NASDAQ:VIRC) to Issue Quarterly Dividend of $0.03

Virco Mfg. Co. (NASDAQ:VIRC) announced a quarterly dividend on Tuesday, September 3rd, Zacks reports. Shareholders of record on Friday, September 20th will be given a dividend of 0.025 per share on Friday, October 11th. This represents a $0.10 annualized dividend and a yield of 0.64%. The ex-dividend date is Friday, September 20th. This is a boost from Virco Mfg.’s previous quarterly dividend of $0.02.

Virco Mfg. has a payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Virco Mfg. to earn $1.76 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 5.7%.

Virco Mfg. Trading Down 1.0 %

Shares of VIRC stock opened at $15.54 on Wednesday. The firm’s 50-day simple moving average is $15.68 and its 200-day simple moving average is $13.30. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.26 and a quick ratio of 0.59. Virco Mfg. has a 1-year low of $5.67 and a 1-year high of $18.50. The firm has a market cap of $251.87 million, a P/E ratio of 9.96 and a beta of 0.65.

Analyst Ratings Changes

A number of equities analysts have weighed in on VIRC shares. StockNews.com downgraded shares of Virco Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 25th. Wedbush restated an “outperform” rating and set a $19.00 price objective (up from $16.00) on shares of Virco Mfg. in a report on Friday, June 7th.

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.