Virco Manufacturing (NASDAQ:VIRC) Posts Quarterly Earnings Results, Beats Expectations By $0.48 EPS

Virco Manufacturing (NASDAQ:VIRC) posted its earnings results on Friday. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.48, Zacks reports. Virco Manufacturing had a negative net margin of 0.48% and a negative return on equity of 0.16%.

Virco Manufacturing Stock Up 5.3%

NASDAQ:VIRC traded up $0.32 during trading hours on Friday, hitting $6.37. 51,085 shares of the company traded hands, compared to its average volume of 49,546. Virco Manufacturing has a one year low of $5.16 and a one year high of $8.90. The firm’s 50-day simple moving average is $6.07 and its 200-day simple moving average is $6.10. The company has a quick ratio of 0.90, a current ratio of 2.71 and a debt-to-equity ratio of 0.03. The company has a market cap of $100.18 million, a PE ratio of -105.98 and a beta of 0.20.

Insider Transactions at Virco Manufacturing

In related news, EVP Douglas A. Virtue bought 8,083 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were acquired at an average cost of $6.00 per share, with a total value of $48,498.00. Following the completion of the purchase, the executive vice president directly owned 888,663 shares of the company’s stock, valued at $5,331,978. This trade represents a 0.92% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert A. Virtue bought 4,300 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average price 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 $3,148,091.28. The trade was a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 13,788 shares of company stock worth $83,674. Insiders own 16.94% of the company’s stock.

Institutional Trading of Virco Manufacturing

A number of hedge funds have recently modified their holdings of VIRC. Barclays PLC grew its stake in shares of Virco Manufacturing by 16.4% in the 4th quarter. Barclays PLC now owns 17,665 shares of the company’s stock worth $113,000 after buying an additional 2,495 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Virco Manufacturing by 3.4% during the second quarter. Bridgeway Capital Management LLC now owns 87,221 shares of the company’s stock valued at $696,000 after purchasing an additional 2,882 shares in the last quarter. Empowered Funds LLC raised its stake in Virco Manufacturing by 8.9% during the 4th quarter. Empowered Funds LLC now owns 37,957 shares of the company’s stock worth $243,000 after acquiring an additional 3,095 shares during the period. Geode Capital Management LLC boosted its holdings in Virco Manufacturing by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 265,554 shares of the company’s stock worth $1,697,000 after buying an additional 4,355 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Virco Manufacturing by 18.2% in the 4th quarter. Wells Fargo & Company MN now owns 28,777 shares of the company’s stock worth $184,000 after purchasing an additional 4,427 shares during the period. Institutional investors own 30.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. 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. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Virco Manufacturing has an average 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.