Virco Manufacturing Corporation (NASDAQ:VIRC) Short Interest Down 39.0% in June

Virco Manufacturing Corporation (NASDAQ:VIRC) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 304,706 shares, a decrease of 39.0% from the June 15th total of 499,788 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average daily trading volume, of 206,076 shares, the short-interest ratio is presently 1.5 days.

Insiders Place Their Bets

In other Virco Manufacturing news, CEO Robert A. Virtue purchased 4,300 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $6.22 per share, with a total value of $26,746.00. Following the transaction, the chief executive officer directly owned 506,124 shares in the company, valued at approximately $3,148,091.28. This represents a 0.86% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Douglas A. Virtue acquired 8,083 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were purchased at an average cost of $6.00 per share, for a total transaction of $48,498.00. Following the acquisition, the executive vice president directly owned 888,663 shares in the company, valued at $5,331,978. This represents a 0.92% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 13,788 shares of company stock valued at $83,674. Company insiders own 16.94% of the company’s stock.

Institutional Investors Weigh In On Virco Manufacturing

A number of institutional investors and hedge funds have recently bought and sold shares of VIRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Virco Manufacturing in the third quarter worth approximately $41,000. Marquette Asset Management LLC purchased a new position in shares of Virco Manufacturing during the second quarter valued at about $42,000. State of Alaska Department of Revenue bought a new stake in shares of Virco Manufacturing during the fourth quarter valued at approximately $47,000. Barclays PLC boosted its stake in Virco Manufacturing by 16.4% during the fourth quarter. Barclays PLC now owns 17,665 shares of the company’s stock worth $113,000 after acquiring an additional 2,495 shares in the last quarter. Finally, Park Edge Advisors LLC grew its stake in shares of Virco Manufacturing by 12.9% in the 4th quarter. Park Edge Advisors LLC now owns 18,100 shares of the company’s stock worth $116,000 after buying an additional 2,072 shares during the last quarter. 30.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on VIRC shares. Freedom Capital cut shares of Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of Virco Manufacturing in a report on Wednesday, July 8th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce”.

Virco Manufacturing Stock Performance

NASDAQ VIRC opened at $6.05 on Thursday. Virco Manufacturing has a twelve month low of $5.16 and a twelve month high of $9.09. The stock has a fifty day simple moving average of $6.11 and a 200 day simple moving average of $6.21. The company has a market capitalization of $95.17 million, a price-to-earnings ratio of -100.82 and a beta of 0.21. The company has a quick ratio of 0.90, a current ratio of 2.71 and a debt-to-equity ratio of 0.03.

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

Virco Manufacturing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were given a dividend of $0.025 per share. The ex-dividend date was Thursday, June 18th. This represents a $0.10 annualized dividend and a dividend yield of 1.7%. Virco Manufacturing’s dividend payout ratio is currently -166.67%.

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.