Virco Manufacturing (NASDAQ:VIRC) Downgraded to Hold Rating by Freedom Capital

Virco Manufacturing (NASDAQ:VIRC) was downgraded by equities research analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Separately, Weiss Ratings downgraded shares of Virco Manufacturing from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 10th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Virco Manufacturing Stock Up 4.6%

Shares of NASDAQ VIRC opened at $5.69 on Thursday. The company has a 50 day simple moving average of $6.03 and a 200-day simple moving average of $6.33. The company has a market capitalization of $89.50 million, a P/E ratio of -94.82 and a beta of 0.21. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.09 and a quick ratio of 1.31. Virco Manufacturing has a 1 year low of $5.16 and a 1 year high of $9.09.

Virco Manufacturing (NASDAQ:VIRC) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.19). Virco Manufacturing had a negative net margin of 0.48% and a negative return on equity of 0.16%. The company had revenue of $30.69 million during the quarter, compared to analyst estimates of $27.20 million.

Insiders Place Their Bets

In related news, EVP Douglas A. Virtue bought 11,678 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was purchased at an average price of $6.09 per share, for a total transaction of $71,119.02. Following the acquisition, the executive vice president owned 877,866 shares of the company’s stock, valued at approximately $5,346,203.94. This trade represents a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have purchased 22,527 shares of company stock valued at $135,562. 16.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Virco Manufacturing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its position in Virco Manufacturing by 4.9% in the 1st quarter. Empowered Funds LLC now owns 39,826 shares of the company’s stock valued at $244,000 after buying an additional 1,869 shares during the period. Park Edge Advisors LLC boosted its position in Virco Manufacturing by 12.9% in the 4th quarter. Park Edge Advisors LLC now owns 18,100 shares of the company’s stock valued at $116,000 after buying an additional 2,072 shares during the period. Barclays PLC boosted its position in Virco Manufacturing by 16.4% in the 4th quarter. Barclays PLC now owns 17,665 shares of the company’s stock valued at $113,000 after buying an additional 2,495 shares during the period. Bridgeway Capital Management LLC boosted its position in Virco Manufacturing by 3.4% in the 2nd quarter. Bridgeway Capital Management LLC now owns 87,221 shares of the company’s stock valued at $696,000 after buying an additional 2,882 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Virco Manufacturing by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 265,554 shares of the company’s stock worth $1,697,000 after purchasing an additional 4,355 shares during the last quarter. Hedge funds and other institutional investors own 30.97% of the company’s stock.

About Virco Manufacturing

Virco Manufacturing Corporation (NASDAQ: VIRC) is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.

The company’s product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.