Virco Manufacturing (NASDAQ:VIRC) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Virco Manufacturing Corporation (NASDAQ:VIRC) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $6.10 and traded as high as $6.87. Virco Manufacturing shares last traded at $6.68, with a volume of 57,738 shares changing hands.

Wall Street Analyst Weigh In

VIRC has been the subject of several recent analyst reports. Freedom Capital downgraded Virco Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Virco Manufacturing in a report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Virco Manufacturing from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

Virco Manufacturing Trading Down 0.2%

The company has a current ratio of 2.53, a quick ratio of 1.43 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $6.11 and a 200-day moving average price of $6.11. The company has a market capitalization of $103.41 million, a price-to-earnings ratio of -41.00 and a beta of 0.20.

Virco Manufacturing (NASDAQ:VIRC) last posted its quarterly earnings results on Friday, September 4th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.48. Virco Manufacturing had a negative return on equity of 2.32% and a negative net margin of 1.31%.The company had revenue of $87.47 million for the quarter, compared to analysts’ expectations of $72.10 million.

Virco Manufacturing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be issued a dividend of $0.0250 per share. The ex-dividend date is Friday, September 18th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.5%. Virco Manufacturing’s payout ratio is currently -62.50%.

Insider Buying and Selling

In related news, EVP Douglas A. Virtue bought 8,083 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was bought at an average price of $6.00 per share, for a total transaction of $48,498.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 12,488 shares of company stock worth $75,228 over the last quarter. Insiders own 16.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Virco Manufacturing in the second quarter worth approximately $860,000. Bank of New York Mellon Corp bought a new position in shares of Virco Manufacturing in the second quarter worth about $635,000. Susquehanna International Group LLP lifted its holdings in shares of Virco Manufacturing by 564.4% during the second quarter. Susquehanna International Group LLP now owns 68,437 shares of the company’s stock worth $420,000 after buying an additional 58,137 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Virco Manufacturing during the 2nd quarter valued at $332,000. Finally, Empowered Funds LLC acquired a new stake in Virco Manufacturing in the 2nd quarter worth $245,000. 30.97% of the stock is owned by institutional investors and hedge funds.

About Virco Manufacturing

Virco Manufacturing Corporation designs, manufactures and distributes furniture and equipment primarily for the education market. Its product portfolio includes student desks and chairs, classroom tables, activity tables, teacher furniture, computer and technology furniture, storage products, and soft-seating solutions.

The company also serves other institutional and commercial customers, including government agencies, businesses, hospitality organizations and community facilities. Virco sells its products through a combination of direct sales and independent dealers, with a focus on schools and other organizations throughout the United States.

Virco was founded in 1950 by Julian Virtue and has developed into a long-standing U.S.