StockNews.com Downgrades Virco Mfg. (NASDAQ:VIRC) to Hold

Virco Mfg. (NASDAQ:VIRC) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

Separately, Wedbush restated an “outperform” rating and set a $17.00 target price (down previously from $20.00) on shares of Virco Mfg. in a research report on Tuesday, December 10th.

Virco Mfg. Trading Up 1.9 %

Shares of NASDAQ VIRC traded up $0.19 during trading on Wednesday, reaching $9.97. The company had a trading volume of 45,282 shares, compared to its average volume of 190,186. The company’s fifty day moving average price is $10.60 and its 200-day moving average price is $12.69. Virco Mfg. has a 12 month low of $9.08 and a 12 month high of $18.50. The stock has a market cap of $162.40 million, a P/E ratio of 6.43 and a beta of 0.76. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03.

Virco Mfg. declared that its board has authorized a share repurchase program on Tuesday, January 21st that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Minerva Advisors LLC raised its stake in Virco Mfg. by 5.5% during the 4th quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company’s stock worth $11,870,000 after buying an additional 60,900 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Virco Mfg. by 9.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 684,378 shares of the company’s stock worth $7,015,000 after purchasing an additional 58,753 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Virco Mfg. by 15.4% in the fourth quarter. American Century Companies Inc. now owns 453,107 shares of the company’s stock worth $4,644,000 after purchasing an additional 60,403 shares during the last quarter. Millennium Management LLC raised its stake in shares of Virco Mfg. by 7.3% in the fourth quarter. Millennium Management LLC now owns 366,968 shares of the company’s stock worth $3,761,000 after purchasing an additional 25,032 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Virco Mfg. by 2.9% in the third 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. 30.97% of the stock is owned by institutional investors and hedge funds.

About Virco Mfg.

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.