Virco Manufacturing Corporation (NASDAQ:VIRC) Short Interest Update

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

Virco Manufacturing Price Performance

Shares of Virco Manufacturing stock opened at $6.06 on Friday. The firm has a market cap of $95.32 million, a P/E ratio of -100.98 and a beta of 0.21. The firm’s 50-day simple moving average is $6.11 and its 200-day simple moving average is $6.21. Virco Manufacturing has a twelve month low of $5.16 and a twelve month high of $9.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.90 and a current ratio of 2.71.

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

Virco Manufacturing Announces Dividend

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

Insider Buying and Selling

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 purchased 8,083 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average price of $6.00 per share, with a total value of $48,498.00. Following the completion of the acquisition, the executive vice president owned 888,663 shares of the company’s stock, valued at approximately $5,331,978. The trade was a 0.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 13,788 shares of company stock worth $83,674 in the last ninety days. Insiders own 16.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of VIRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Virco Manufacturing in the 3rd quarter worth about $41,000. Marquette Asset Management LLC acquired a new stake in shares of Virco Manufacturing during the second quarter worth approximately $42,000. State of Alaska Department of Revenue bought a new position in shares of Virco Manufacturing in the fourth quarter valued at approximately $47,000. Barclays PLC grew its position in Virco Manufacturing by 16.4% during the 4th quarter. Barclays PLC now owns 17,665 shares of the company’s stock worth $113,000 after acquiring an additional 2,495 shares during the last quarter. Finally, Park Edge Advisors LLC raised 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 purchasing an additional 2,072 shares during the last quarter. 30.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.