Virco Manufacturing Corporation (NASDAQ:VIRC) Declares Quarterly Dividend of $0.03

Virco Manufacturing Corporation (NASDAQ:VIRC) announced a quarterly dividend on Tuesday, June 3rd, Wall Street Journal reports. Investors of record on Friday, June 20th will be paid a dividend of 0.025 per share on Friday, July 11th. This represents a $0.10 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Friday, June 20th.

Virco Manufacturing has a payout ratio of 11.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Virco Manufacturing to earn $1.31 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 7.6%.

Virco Manufacturing Stock Up 3.3%

NASDAQ VIRC opened at $8.15 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. Virco Manufacturing has a fifty-two week low of $7.79 and a fifty-two week high of $18.50. The business has a 50 day moving average price of $8.85 and a two-hundred day moving average price of $10.10. The stock has a market cap of $128.28 million, a PE ratio of 6.47 and a beta of 0.34.

Virco Manufacturing (NASDAQ:VIRC) last announced its earnings results on Friday, June 6th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.12. Virco Manufacturing had a net margin of 7.99% and a return on equity of 17.61%. The business had revenue of $33.75 million during the quarter, compared to the consensus estimate of $41.10 million. During the same period in the prior year, the firm earned $0.13 earnings per share. As a group, sell-side analysts predict that Virco Manufacturing will post 1.54 EPS for the current fiscal year.

Institutional Trading of Virco Manufacturing

Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Virco Manufacturing by 25.7% during the 1st quarter. AQR Capital Management LLC now owns 317,915 shares of the company’s stock valued at $3,007,000 after acquiring an additional 64,944 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Virco Manufacturing in the 1st quarter valued at about $258,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Virco Manufacturing during the first quarter worth about $186,000. Finally, Goldman Sachs Group Inc. grew its stake in Virco Manufacturing by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company’s stock worth $594,000 after purchasing an additional 5,436 shares in the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Virco Manufacturing from a “buy” rating to a “hold” rating in a research report on Tuesday, April 22nd.

About Virco Manufacturing

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.