Meeder Asset Management Inc. Makes New $72,000 Investment in Virco Mfg. Co. (NASDAQ:VIRC)

Meeder Asset Management Inc. purchased a new position in Virco Mfg. Co. (NASDAQ:VIRC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,047 shares of the company’s stock, valued at approximately $72,000.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Virco Mfg. by 28.5% during the fourth quarter. JPMorgan Chase & Co. now owns 38,828 shares of the company’s stock valued at $398,000 after buying an additional 8,607 shares during the last quarter. WINTON GROUP Ltd raised its position in shares of Virco Mfg. by 34.5% in the 4th quarter. WINTON GROUP Ltd now owns 98,360 shares of the company’s stock worth $1,008,000 after purchasing an additional 25,212 shares during the last quarter. American Century Companies Inc. boosted its stake in Virco Mfg. by 15.4% in the 4th 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 in the last quarter. Quantbot Technologies LP bought a new stake in Virco Mfg. during the 4th quarter valued at about $70,000. Finally, Koss Olinger Consulting LLC raised its holdings in Virco Mfg. by 12.0% in the fourth quarter. Koss Olinger Consulting LLC now owns 55,208 shares of the company’s stock worth $566,000 after buying an additional 5,935 shares during the last quarter. 30.97% of the stock is owned by institutional investors.

Virco Mfg. Price Performance

VIRC opened at $9.50 on Wednesday. The company’s 50-day simple moving average is $10.54 and its two-hundred day simple moving average is $12.37. Virco Mfg. Co. has a 52-week low of $9.08 and a 52-week high of $18.50. The stock has a market capitalization of $154.75 million, a P/E ratio of 6.13 and a beta of 0.76. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.70 and a current ratio of 2.88.

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

Virco Mfg. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th will be given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Wednesday, March 26th. Virco Mfg.’s dividend payout ratio (DPR) is presently 6.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on VIRC shares. 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 upgraded Virco Mfg. from a “hold” rating to a “buy” rating in a research note on Saturday.

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.